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Real Property > Estates & Future Interests > Flashcards

Estates & Future Interests Flashcards

1
Q

What is a possessory estate?

A

present right to possess the property in the here and now

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2
Q

What is a future interest?

A

present right to possess the property in the future

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3
Q

What is a fee simple absolute?

A

A possessory estate that never ends, there are never any future interests

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4
Q

Which estate has the largest quantum?

A

Fee simple absolute

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5
Q

Which possessory estate is never followed by any future interests?

A

Fee simple absolute

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6
Q

What are the words of limitation for creating a fee simple absolute?

A

“and his/her heirs”

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7
Q

What is the default estate that is transferred if there are no words of limitation under the common law?

A

A life estate

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8
Q

What is the default that is transferred if there are no words of limitation under the modern law?

A

Fee simple absolute

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9
Q

What is a life estate?

A

A finite estate that lasts as long as the transferee lives

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10
Q

What is the rights holder of a life estate called?

A

A life tenant

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11
Q

What is a life estate pur autre vie?

A

A life estate that has been conveyed to another person, with the grantor’s lifespan measuring the duration of the estate

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12
Q

What is a measuring life?

A

The lifespan that dictates the length of a life estate

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13
Q

What is a term of years?

A

A finite estate that lasts for the length of time stipulated by the transfer document

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14
Q

What are the words of limitation for creating a life estate?

A

“For life”

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15
Q

What is a fee simple defeasible?

A

A fee simple estate that may end depending on certain conditions

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16
Q

What are the three types of defeasible fees?

A

Fee simple determinable, fee simple subject to a condition subsequent, and fee simple subject to an executory limitation

17
Q

What is a fee simple determinable?

A

A defeasible fee that automatically ends when a certain event or condition occurs, returning possession to the transferor

18
Q

What is a fee simple subject to condition subsequent?

A

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

19
Q

What is a fee simple subject to an executory limitation?

A

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

Real Property (1 decks)

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