1) Ownership - Present + Future Estates

Question 1

present estates: kinds

Answer 1

1) fee
2) life
3) term

Question 2

present estates: fee: kinds

Answer 2

1) absolute
2) defeasible
3) tail

Question 3

concurrent ownership: kinds

Answer 3

1) joint tenancy
2) tenancy in common
3) tenancy by the entirety

Question 4

future interests: can be in

Answer 4

1) grantor, or

2) third party

Question 5

future interests in grantor: kinds

Answer 5

1) possibility of reverter
2) right of entry/power of termination
3) reversion

Question 6

future interests in third party: kinds

Answer 6

1) executory interest

2) remainder

Question 7

present estate vs future estate

Answer 7

present: grantee takes immediate possession

vs future: at some time in the future

Question 8

fee estates: def

Answer 8

have the potential to last forever

Question 9

fee simple: def

Answer 9

largest possible estate, w aggregate of all posible rights in the parcel, may last forever

Question 10

fee simple: how to terminate

Answer 10

only 1 way: owner dies w/o heirs + property escheats to state

Question 11

CL: how to convey FS

Answer 11

O to A + heirs (O to was a life estate)

Question 12

modern: how to convey FS

Answer 12

O to A (presumed)

Question 13

defeasible estate: def

Answer 13

estate that may terminate before its maximum duration has run. Terminates upon some happening or event.

Question 14

defeasible estate: kinds

Answer 14

1) fee simple determinable
2) fee simple subject to condition subsequent
3) fee simple subject to executory interest

Question 15

fee simple determinable: def (inc termination)

Answer 15

1) created automatically by durational language (“so long as,” “while” “until”)
2) terminates automatically on happening of the named future event.
3) when terminates, returns to grantor (so there was a possibility of reverter)

Question 16

fee simple subject to condition subsequent: def: creation

Answer 16

1) CAN be created when CONDITIONAL language re the condition that will terminate. (“provided that,” “but if,” “on condition that”).

BUT the power of termination must be expressly reserved to the grantor (“Then A has power to terminate,” “then A may reenter”/retake”

where no specific power of termination, is a FS + the conditions are like a contract so can sue for damages

Question 17

how to tell if FSD or FSSCS

Answer 17

if lang is ambiguous (unclear if durational or conditional) courts will interpret as FSSCS (which then might become an FS if no power of termination)

courts disfavor forfeiture

Question 18

Fee simple subject to executory interest

Answer 18

def:

1) can be created by either conditional or durational language
2) on the happening of the terminating event, property will pass TO SOMEONE ELSE (vs FSSCS + FSD are both to grantor)

Question 19

fee tail: def

Answer 19

early common law. Descendes to grantee’s lineal descendants (kids) only but can’t will or sell to someone else

Question 20

fee tail: how

Answer 20

A to B and the heirs of his body

Question 21

fee tail: modenr rule

Answer 21

disfavored, will be treated as fee simple absolute

Question 22

life estate: def

Answer 22

1) lasts for the duration of the grantee’s life

2) can make defeasible (A to B for life, as long as B farms the land)

Question 23

life estate: how

Answer 23

A to B for life

Question 24

life estate pur autre vie: def

Answer 24

duration is measured by life of someone other than the grantee (A to B[or B’s estate] for the life of C)

Question 25

life estate pur autre vie: multiple lives: majority rule

Answer 25

ex. A to B for the lives of C and D | majority rule: if more than one measuring life, interpreted as lasting until the death of the survivor

Question 26

term estate: def

Answer 26

limited in duration (but term isn't someone's life) result: essentially LLT rship

Question 27

term estate: how

Answer 27

A to B for 20 years

Question 28

possibility of reverter: def

Answer 28

future interest in grantOR that follows determinable estate automatically created with FSD when event happens, automatically kicks in and goes back to grantor can be implied "A to B so long as B farms the land" creates possibility of reverter in grantor

Question 29

possibility of reverter: transferability

Answer 29

CL: not transferrable (just will/intestancy) but can't sell or transfer while alive modern: freely transferable, devisable, descendible

Question 30

possibility of reverter: RAP?

Answer 30

no, bc all future interests in grantor are exempt

Question 31

power of termination, aka

Answer 31

right of reentry

Question 32

power of termination, def

Answer 32

future interest that can be greated in grantor when grantor attempts to create: FS or life estate subject to condition subsequent creation: not automatic, has to spell out in conveyance or dn exist AND when event happens, property does not automatically revert. Gantor must exercise right of reentry, do something affirmative to retake

Question 33

power of termination: transferrability

Answer 33

CL: only at death modern: descendible + devisable, but many js still limit inter vivos

Question 34

power of termination: RAP?

Answer 34

no, bc is interest in grantor so exempt

Question 35

reversionary interest: def

Answer 35

a future interest retained by the grantor when the grantor transfers less than a fee interest so a third person [when there's a gap--automatically gap fills] ex. A to B for life (what about after B dies? reversion)

Question 36

reversionary interest: transfer?

Answer 36

CL not intervivos | modern: every way

Question 37

reversionary interest: RAP?

Answer 37

no -- interests in grantor not subject to RAP

Question 38

remainder: def

Answer 38

future interest in a THIRD PERSON, intended to take after the natural termination of the preceding estate A to B for life, then to C

Question 39

remainder: kinds

Answer 39

1) contingent | 2) vested

Question 40

remainder: vested: def

Answer 40

remainder vests at point that: 1) created in an ascertainable person, AND 2) not subject to any condition precedent, other than termination of hte preceding estate

Question 41

remainder: contingent: def

Answer 41

any remainder that isn't vested

Question 42

vested remainder: Kinds

Answer 42

1) subject to total divestment | 2) subject to open

Question 43

vested remainder subject to total divestment: aka

Answer 43

vested remainder subject to condition subsequent

Question 44

vested remainder subject to total divestment: def

Answer 44

presently vested, but may be terminated on the happening of a future event ex. A to B for life, remaidner to C, so long as liquor is never served

Question 45

vested remainder subject to open: aka

Answer 45

vested remainder subject to partial divestment

Question 46

vested remainder subject to open: def

Answer 46

remainder made to a clas has 1+ members who is ascertainable who has satisfied any conditions prior to vesting but may have other members join class later A to B for life, then to the children of C. C has one child

Question 47

VRSO: when does class open?

Answer 47

inter vivos conveyance: at time of conveyance testamentary conveyance: at death of testator matters bc once someone gets vested interest it goes to their heirs if they die

Question 48

VRSO: when does class close?

Answer 48

rule of convenience, to avoid RAP

Question 49

RAP:

Answer 49

RAP applies to VRSO (only vested interest it applies to). if ANY member of class could potentially claim in a way that would violate RAP, will knock out entire class gift

Question 50

rule of convenience; def

Answer 50

class closes as soon as one member of the class becomes entitled to immediate possession if someone alive but hasn't satisfied the condition, may try to satisfy the condition

Question 51

executory interest: def

Answer 51

interest in 3rd party that cuts short the previous estate before it would have naturally terminated (vs. remainder: also in a 3rd party but waits for natural termination) includes all 3rd party interests in fee estates since no natural termination

Question 52

executory interests: kinds

Answer 52

1) shifting 2) springing (difference just classification, no effect)

Question 53

shifting exec interest: def

Answer 53

property passes from one grantee to another grantee

Question 54

springing exec interest: def

Answer 54

property passes from grantor to grantee

Question 55

executory interests: RAP

Answer 55

yes subject to RAP