Real Property
NOTE: For all the topics listed in the outline below, the following matters are included, to the extent relevant:
—Nature and characteristics
—Creation
—Classification of interests
—Rights of possession and use
—Legal and equitable remedies
I. Ownership
A. Present estates
1. Fees simple
2. Defeasible fees simple
3. Life estatesB. Cotenancy
1. Tenancy in common
2. Joint tenancyC. Future interests
1. Reversions
2. Remainders, vested and contingent
3. Executory interests
4. Possibilities of reverter, powers of terminationD. The law of landlord and tenant
1. Fitness and suitability of premises
2. Types of holdings: creation and terminationa. Terms for years
b. Tenancies at will
c. Holdovers and other tenancies at sufferance
d. Periodic tenancies3. Assignment and subletting
4. Rent
5. Surrender, mitigation of damages, and anticipatory breachE. Special problems
1. Rule Against Perpetuities
2. Alienability, descendability, and devisability
II. Rights in land
A. Covenants at law and in equity
B. Easements, profits, and licenses
C. Other interests in land1. Fixtures (including relevant application of Article 9, UCC)
2. Scope and extent of real propertya. Superjacent, adjacent, and subjacent space
b. Rights in the common resources of light, air, streams, and bodies of water
c. NuisanceD. Taking and aspects of zoning
III. Real property contracts
A. Relationships included
1. Contracts to buy and sell by conveyance of realty
2. Installment contractsB. Creation and construction
1. Statute of Frauds
2. Essential terms
3. Implied conditions or termsa. Time for performance
b. Title required
c. Burdens related to title defectsC. Performance
1. Fitness and suitability of premises
2. Marketable title
3. Risk of lossD. Interests before conveyance
1. Equitable conversion
2. Earnest-money depositsE. Relationships after conveyance
1. Condition of premises
2. Title problems
IV. Real property mortgages
A. Types of security devices
1. Mortgages (including deeds of trust)
2. Land contracts as security device
3. Absolute deeds as securityB. Some security relationships
1. Necessity and nature of obligation
2. Theories: title, lien, and intermediate
3. Rights and duties prior to foreclosure
4. Right to redeem and clogging equity of redemptionC. Transfers by mortgagor
1. Distinguishing “subject to” and “assuming”
2. Rights and obligations of transferor
3. Application of subrogation and suretyship principles
4. Due-on-sale clausesD. Transfers by mortgagee (including effect of Article 3 of UCC)
E. Discharge and defenses
F. Foreclosure1. Types
2. Rights of omitted parties
3. Deficiency and surplus
4. Redemption after foreclosure
5. Deed in lieu of foreclosure
V. Titles
A. Adverse possession
B. Conveyancing by deed1. Types
2. Necessity for a grantee
3. Delivery (including escrows)
4. Land description and boundaries
5. Covenants for titleC. Conveyancing by will
1. Ademption
2. Exoneration
3. LapseD. Priorities and recording
1. Types of priority
a. Recording acts
b. Judgment liens
c. Fraudulent conveyances
d. Protection of bona fide purchasers other than under statutes2. Scope of coverage
a. Recorded documents
b. Elements required
c. Parties protected
d. Interests affected3. Special problems
a. After acquired title (including estoppel by deed)
b. Constructive notice
c. Forged instruments
d. Transfers by corporations and by agents
e. Purchase money mortgages
