Estates

Question 1

Present Estate

Answer 1

Right to possess the property now
- Created through sale/lease/will/trust

Question 2

Future Interest

Answer 2

Right to take possession in the future under specific circumstances
- Created through sale/lease/will/trust

Question 3

Fee Simple Interests (Two Types)

Answer 3

• ## present estates that could last forever b/c the interest doesn’t necessarily end b/c of lapse of time or death

Question 4

Fee Simple Absolute (Type 1)

Answer 4

Fee simple w/out an associated future interest
- no one owns future interest in property so grantor is free to determine who owns it in the future and how
Ex: O to A
O to A and her heirs (doesn’t give A’s heirs any interest in property–living person has No heirs)

Question 5

Defeasible Fees (Type 2)
Has Three Fee Simples (all w/ a catch)

Answer 5

Present interest that terminate at the happening of a specified event other than death of the current owner.
Ex. E to A (E attaches condition to it, if condition violated then land automatically back to E or E has to request it back)

Question 6

Fee Simple Determinable (DF #1)

Answer 6

• O to A as long as A remains a lawyer
• Land is divisible, alienble, transferable by A BUT the condition remains attached.
• If A violates condition and stops being a lawyer then the land automatically back to O.
• mnemonic: Frank Sinatra Doesn’t Prefer Orville Redenbacher
  Adv possession in this context on exam:
  
  • O to A as long as land is used as a hospital.
• A does not use it as a hospital but the grantor is in lala land and does not know. A is now adversely possessing land.

Question 7

Fee Simple Subject to Condition Subsequent (DF #2)

Answer 7

Tim to Rachel, BUT IF coffee is ever consumed on premises, then the grantor reserves the right to re-enter and re-take.
- once condition violated, land does not automatically go back to grantor, they have to assert it back through re-entry.
- Laches: prevents grantor from waiting too long to assert re-entry.
- This is in the context of adv possession–grantor cannot be in Lala land– must contact grantee w/in SOL.

Question 9

Fee Simple Subject to Executory Limitation (DF #3)

Answer 9

O to A but if she ever leaves the legal profession then to B.
- if condition violated, land automatically goes to B.
- THINK 3rd person!