1. CHAPTER 12: PROPERTY: REAL PROPERTY, LEASES, AND MORTGAGES

2. Learning Objectives: Types of Real Property Ownership Interests Methods of Acquiring Title Real Property Leases Real Property Security  Mortgage  Deed of Trust Chapter 122 CHAPTER 12: REAL PROPERTY, LEASES, AND MORTGAGES

3. 1.Theory: “Bundle of Rights” 2.Ownership Interests a.Fee Simple Absolute b.Life Estate c.Remainders and Reversions Types Responsibilities Chapter 123 TYPES OF REAL PROPERTY INTERESTS

4. 3.Use of Real Property a.Easements b.Licenses 4.Multi-Party Ownership a.Tenancy in Common b.Joint Tenancy c.Community Property/Tenancy by the Entirety 5.Ownership Restrictions Chapter 124 TYPES OF REAL PROPERTY INTERESTS

5. 1.Original Entry 2.Transfer by Deed a.Basic Principles b.Types of Deeds Warranty Deed Grant Deed Bargain and Sale Deed Quitclaim Deed 3.Adverse Possession 4.Will or Intestate Possession Chapter 125 ACQUIRING TITLE

6. 1.Nature of a Lease 2.Classifications a.State Period b.Period to Period c.At Will d.At Sufferance Chapter 126 LEASES OF REAL PROPERTY

7. 3. Tenant: Rights and Duties 4. Landlord: a. Rights b. Duties c. Special Case: Warranty of Habitability Chapter 127 LEASES OF REAL PROPERTY

8. 1.Basic Aspects 2.Right and Duties of the Parties 3.Alternative: Deed of Trust 4.Foreclosure 5.Priority as to Proceeds Chapter 128 REAL PROPERTY AS SECURITY

9. CHAPTER 12: REAL PROPERTY, LEASES, AND MORTGAGES