1. Present Interests Flashcards
What is a Fee Simple absolute estate?
The largest possible estate in land with all possible rights in that parcel of land.
What are the rights of the owner of a Fee Simple Absolute?
- The unimpeded right to sell or convey all or part of the property
- The unimpeded right to devise the property.
How long does a Fee Simple Absolute last?
It may last forever.
Is a Fee Simple Absolute
Alienable(transfer through sale or gift)
Devisable: (make in a will)
Descendible: (pass to heirs through intestacy)?
Yes.
What happens when an owner of a fee simple absolute dies intestate?
The property will go to the owner’s heirs by intestacy.
What happens when an owner of a fee simple absolute dies without a will or heirs?
The property escheats to the state.
What is a Defeasible estate?
An estate that may terminate upon some happening or event before its maximum duration has run.
What are the Four Types of Defeasible Estates?
- Fee Simple Determinable
- Fee Simple Subject to a Condition Subsequent
- Fee Simple Subject to Executory Interest
- Fee Tail
What is a Fee Simple Determinable estate?
Terminates automatically on the happening of a named future event and returns to the grantor or the heirs of the grantor, even after the grantor has died or the property has changed hands.
What language is needed to create a Fee Simple Determinable?
- For so long as
- During
- While
- Until
What is a Fee Simple Subject to a Condition Subsequent?
An estate that may be cut short if the estate is retaken by the grantor on the happening of a named future event.
What does the condition give the Grantor in a Fee Simple Subject to a Condition Subsequent?
The right to take the estate.
What language is used to create a Fee Simple Subject to a Condition Subsequent?
- Provided, however
- However if
- But if
- On condition that
- In the event that
Does a fee simple subject to a condition subsequent continue after the grantor dies?
Yes. The estate will continue in the grantee, or his successors, unless and until the power of termination is exercised.
What happens when Fee Simple Subject to a Condition Subsequent language is ambiguous?
Courts often interpret the grant as a fee simple absolute to avoid forfeiture.
What is a Fee Simple Subject to Executory Interest?
An estate automatically divested in favor of a third person on the happening of a named event.
What language is used to create a Fee Simple Subject to Executory Interest?
It can be created by durational or conditional language.
Is a Fee Simple Subject to Executory Interest subject to the Rule against Perpetuities?
Yes.
What is a Fee Tail?
An estate that descended to the grantee’s children only.
What language is used to create a Fee Tail?
“O conveys to A and the heirs of his body.”
How does modern law treat Fee Tails?
Disfavored and treated as fee simple absolutes.
