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Property > Estates > Flashcards

Estates Flashcards

1
Q

testator

A

a person who leaves a will

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2
Q

vest

A

Having become a completed, consummated right for present or future enjoyment; not contingent; unconditional; absolute <a>.</a>

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3
Q

restraint on alienation

A

a provision in a deed or will that prohibits or limits a future transfer of P. If the provision expressly future transfer of a fee simple, it is void against public policy. (White cs)

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4
Q

holographic will

A

a will written entirely in the handwriting of the decedent and signed (no symbols)by her. Legal in CA. No witness.

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5
Q

freedom of alienation

A

transferability is necessary to ensure the productive use of land

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6
Q

equitable life estate

A

The essence of the trust is the separation of legal and equitable title.

A trustee holds legal title to the trust property and manages the assets as a fiduciary for the benefit of the trust beneficiaries, who hold the equitable title.

The interests of the beneficiaries are usually split into present and future interests.

The equitable life estate is the most frequent type of present interest.

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7
Q

remainder interest

A

capable of becoming possessory immediately upon expiration of the prior estate AND doesn’t divest (cut short) any interest in the prior transferee

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8
Q

remainder interest

A

The property that passes to a beneficiary after the expiration of an intervening income interest. • For example, if a grantor places real estate in trust with income to A for life and remainder to B upon A’s death, then B has a remainder interest.

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9
Q

Waste

A

an abuse or destructive use o property by one in rightful possession

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10
Q

Fee Tail

A

When you keep estate in the family to preserve wealth.
Indicated by “and the heirs of his body”
- not devisable
- Sentence preceded by “to B”
- Duration determined by lives of descendants

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11
Q

Fee Tail Special

A

O conveys “to G and the heirs of her body by R.” Adds a limitation. created when the transferor wants to restrict the fee tail only to the descendants of the transferee who are parented by a particular person. Goal: Keeping P in immediate bloodline.

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12
Q

fee simple determinable

A

a fee simple estate that automatically ends when a certain event or condition occurs, giving the right of possession to the transferor.

“until,” which connotes duration; freely alienable, devisable, and descendible

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13
Q

fee simple subject to a condition subsequent

A

may be terminated at the election of the transferor when a certain condition or event occurs. If condition happens, estate does not terminate automatically. Transferor terminates by taking action.

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14
Q

fee simple determinable

A

“until,” which connotes duration; freely alienable, devisable, and descendible

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15
Q

fee simple subject to a condition subsequent

A

If the condition happens, this estate does not end auto-

matically; rather, the transferor has the power to terminate the estate by taking action. This is a cause of action.

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16
Q

Quiet Title Action

A

A suit to establish P’s title to land

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17
Q

Equitable Title

A

Tes

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18
Q

Words of Purchase

A

“to G” - our first FSA transferee

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19
Q

Words of Limitation

A

“and heirs” - not legal title

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20
Q

Possibility of Reverter

A

Future interest of FSD (always). Can only be retained by transferor (and heirs). Automatically possessory upon happening of stated condition.

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21
Q

Executory Interest

A

Test

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22
Q

Intestacy

A

Person who dies w/o a will

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23
Q

Reversion

A

Future interest that becomes possessory upon the end of someone’s LE

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24
Q

Equitable Defense

A

A defense that provides an exception to a rule in the name of fairness

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25
Q

Shifting Executory Interest

A

*We will discuss later

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26
Q

Heir

A

A relative of a DECEDENT; ppl who receive P under intestate succession laws

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27
Q

Heirs Apparent

A

Relatives of a LIVING person

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28
Q

Possibility of Revertor

A

If a condition is not met, it’s possible that property will get returned to orig. grantor. (CLARIFY)

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29
Q

Right of Re-entry

A

TEST

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30
Q

Convey

A

Transfer of a deed

31
Q

Life estate

A

Last for 1 human life

32
Q

Numero Clouses

A

When you have too many title to property that you cannot have any more

33
Q

Statute Quia Emptores

A

This was the beginning of free alienability. Gave a tenant the right to transfer property without permission of the Lord.

34
Q

Alienable

A

Can be sold or given away during owner’s lifetime

35
Q

Devisable

A

transferred by will at death

36
Q

Descendible

A

Property can pass by the laws of intestate succession if the owner dies without a will

37
Q

Surviving collaterals

A

all other persons related by blood to the decedent

38
Q

Life Tenant

A

Holder of a life estate

39
Q

Sale

A

Right of grantor to transfer Property

40
Q

Will - Divise

A

Right of living Property owner to determine who gets Property at death

41
Q

Intestacy

A

Right of living person to get ancestor’s land without will or trust

42
Q

Die Intestate

A

To die w/o a will

43
Q

Laughing Heirs

A

Don’t care about death but show up to inherit property

44
Q

Forfeiture

A

Very powerful - the moment a condition is breached, title automatically returns to original owner.

45
Q

Promissory Restraint

A

If the promissory note is breached by the grantee, the grantor may sue for damages. Unlike disabling restraints, the effectiveness of the lawsuit does not prevent the transfer from being made. However, the Supreme Court says promissory restraints are not permissible. The promissory note discourages the person getting ready to sell the property which is the same effect as the disabling restraint

46
Q

Right of entry

A

ALWAYS follows fee simple subject to condition subsequent

  • Future interest
  • Also called “power of termination”
  • Can only be retained by transferor and his heirs
  • Not automatic like FSD
  • Transferor can ELECT to reenter and sue to quiet title
47
Q

Retain

A

Does not give away

48
Q

Reversion

A

Future interest that is not possessory until one day when A dies, automatically reverts to O –> reversion becomes FSA

49
Q

defeasible estate

A

created when a grantor transfers land conditionally. may end upon the occurrence of some Future event.

50
Q

disentailing the tail

A

When a fee tail holder easily converts the estate into a fee simple by an inter vivos transfer to another person

51
Q

defeasible estate

A

an estate that may end upon the occurrence of some Future event.

52
Q

What is a completed deed transfer called?

A

conveyance or grant

53
Q

What is a completed transfer of real property by will called?

A

devise

54
Q

What is the completed transfer of intestate called?

A

intestate succession

55
Q

Transfer of real prop by intestate is called?

A

descend to an HEIR

56
Q

Words of purchase

A

identify a grantee

57
Q

Next of kin

A

ppl who receive PERSONAL P by intestate succession

58
Q

Issue and surviving spouse

A

“Issue” are lineal descendants—children, grand

children. If the decedent leaves a surviving spouse, the property will be shared among the issue and the spouse.

59
Q

Ancestors and collaterals

A

If the decedent does not leave a spouse, issue, parents, or the issue of parents, the property goes (a) to any surviving ancestors and/or (b) to any surviving collaterals

60
Q

fee simple defeasible

A

a fee simple that may continue forever or may end upon the occurrence of some future event. a way for landowner to control the future use of P.

61
Q

fee simple defeasible

A

a fee simple that may continue forever or may end upon the occurrence of some future event. a way for landowner to control the future use of P.

62
Q

Reversion

A

A transferor retains a reversion when she conveys a smaller estate than the one she has

63
Q

Possibility of Reverter

A

possibility of reverter is the future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple determinable

64
Q

Possibility of Reverter

A

possibility of reverter is the future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple determinable

65
Q

Right of Entry

A

future interest retained by the transeror who holds a fee simple absolute, but conveys a fee simple subject to a condition subsequent

66
Q

Right of Entry

A

future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple subject to a condition subsequent

67
Q

Right of Entry

A

future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple subject to a condition subsequent

68
Q

condition precedent

A

a condition that must be met before the remainder can become possessory, other than the natural termination of the prior estate

69
Q

ascertainable person

A

alive and identifiable at time of transfer

70
Q

condition precedent

A

a condition that must be met before the remainder can become possessory, other than the natural termination of the prior estate

71
Q

Capable of becoming possessory

A

re: remainder. guaranteed possession not required. Just possibility. Ex: O conveys “to B for life, then to D if D becomes president.

72
Q

“Does not divest”

A

re: remainder - remainder “waits patiently” for the preceding estate to expire before it becomes possessory

73
Q

“Capable of becoming possessory”

A

re: remainder. guaranteed possession not required. Just possibility. Ex: O conveys “to B for life, then to D if D becomes president.

Property (9 decks)

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