1. Final Exam Review Prof. David Glazier Apr 26, 2007 PropertyProperty

2. Fidler Institute on Criminal Justice – May 17, 2007 Hon. Larry Paul Fidler Judge – Phil Spector murder trial Hon. John McKay Former US Attorney for the Western District of Washington John Hueston, Esq. Prosecutor in Enron Fraud Trial Mark Geragos, Esq. Defense counsel, Scott Peterson Murder Trial Thomas Mesereau, Esq. Defense counsel for Michael Jackson Linda Deutsch Special correspondent for Associated Press Seminars are free for students; lunch & dinner $25 each Register with Ursula.Byrne@lls.edu or 213-736-8153Ursula.Byrne@lls.edu More info at http://events.lls.edu/fidlerinstitute/index.html

3. Exam Composition Part I – 1 hour - 33 multiple choice questions -- equally weighted - 4 possible answers each (A, B, C, D) -- one “right” [or best] answer - 1/3 of exam grade

4. Exam Composition Part II – 2 1/2 hours - 2 essay questions -- equally weighted (each 1/3 of exam grade) -- recommend one hour for each - Common basic scenario set out in question 1 -- questions are INDIVIDUALLY graded -- Do NOT reference question 1 answer in 2

5. Multiple Choice Pointers Read the question carefully - “best”, “not”, etc. Read the answers equally carefully Eliminate answers you know are wrong Reread question if necessary Don’t groan too loudly over lame humor! - all deliberate humor is G-rated Practice questions?

6. Real Estate Contract At a minimum should specify: - price - description of property/items that convey - turn-over of possession - responsibility for taxes, fees, closing costs, etc. - allocation of risk of loss Typical contingencies: - obtaining satisfactory financing - satisfactory appraisal - home inspection

7. Title Hierarchy “Record Title”: - requires continuous recorded documentation - excludes title based on adverse possession “Marketable Title”: - title ‘reasonable buyer’ would accept - excludes zoning/covenant violation, encroachments “Insurable Title”: - requires only that a title company will issue policy - can include violations where risk of suit accepted

8. Types of Deeds General Warranty Deed - warrants title against all defects Special Warranty Deed - warrants title only against grantor’s acts Quitclaim Deed - transfers only grantor’s interests (if any) - no warranties of any kind

9. Modern Foreclosure Options Strict foreclosure Lien holder gets title to property upon default. Can sue debtor for deficiency, but no obligation to refund surplus (CT and VT) Judicial foreclosure Lien holder files suit and court orders sale if claim established. (Available in all states, only method permitted in ≈½) Power of sale Loan agreement grants lender private right of sale. Lender can conduct sale w/o judicial involvement. (Available in ≈½ of states) Deed of trust Borrower conveys title to third party as security for payment. Trustee can then sell property if payments not made (Available in ≈½ of states)

10. Types of Recording Jurisdictions Race – between successive purchasers, the first to record prevails Notice -A subsequent purchaser prevails only if they had no notice of a previous purchase at the time of their transaction ( bona fide purchaser) Race - Notice – between successive purchasers, the first to record prevails unless they had notice of prior transaction

11. Guillette v. Daly Dry Wall (MA. 1975) Who should prevail? Who does prevail? What is the rule established by the court?

12. Chain of Title The series of documents affecting ownership and rights to a parcel of land - starts from historic origin - progresses through all subsequent owners to the present - includes deeds, mortgages, covenants, etc. -- both ownership and encumbrances

13. Implied Easement Creation

14. Easement by Necessity Hill owns 2493 acres BELTLINERDBELTLINERD DUNCANVILLE RD FISH CREEK RD

15. What do you need to know? Terminology Rules for each type of servitude - how created - by who/how are they enforced - how are they terminated - what they can/can’t accomplish Do not need to know: - history - theoretical foundations/relationships

16. Questions?