Estates & Future Interests Flashcards
What is a possessory estate?
present right to possess the property in the here and now
What is a future interest?
present right to possess the property in the future
What is a fee simple absolute?
A possessory estate that never ends, there are never any future interests
Which estate has the largest quantum?
Fee simple absolute
Which possessory estate is never followed by any future interests?
Fee simple absolute
What are the words of limitation for creating a fee simple absolute?
“and his/her heirs”
What is the default estate that is transferred if there are no words of limitation under the common law?
A life estate
What is the default that is transferred if there are no words of limitation under the modern law?
Fee simple absolute
What is a life estate?
A finite estate that lasts as long as the transferee lives
What is the rights holder of a life estate called?
A life tenant
What is a life estate pur autre vie?
A life estate that has been conveyed to another person, with the grantor’s lifespan measuring the duration of the estate
What is a measuring life?
The lifespan that dictates the length of a life estate
What is a term of years?
A finite estate that lasts for the length of time stipulated by the transfer document
What are the words of limitation for creating a life estate?
“For life”
What is a fee simple defeasible?
A fee simple estate that may end depending on certain conditions
What are the three types of defeasible fees?
Fee simple determinable, fee simple subject to a condition subsequent, and fee simple subject to an executory limitation
What is a fee simple determinable?
A defeasible fee that automatically ends when a certain event or condition occurs, returning possession to the transferor
What is a fee simple subject to condition subsequent?
A defeasible fee that may be terminated when a certain event or condition occurs, ONLY if the transferor chooses to exercise their right to terminate
What is a fee simple subject to an executory limitation?
A defeasible fee that automatically ends when a certain event or condition occurs, but the estate is transferred to a third party instead of the transferor
