estates in land Flashcards
fee simple determinable
property automatically reverts back to grantor upon the happening of a given event
fee simple determinable future interest
possibility of reverter (retained by grantor)
fee simple subject to condition subsequent
grantor retains power to terminate grantee’s estate; grantor must take action (not automatic)
FSSCS future interest
right of reentry (retained by grantor)
fee simple subject to an executory interest
property automatically transfers to a third party upon the happening of a given event
FSSEI future interest
shifting executory interest
life estate
interest that lasts only for the life of the interest holder
life estate future interest
reversion or remainder
reversion
future interest in grantor when a life estate does not provide for disposition of property to a third party
remainder
future interest following a life estate that identifies a third person; expressly granted and freely transferable
life estate pur autre vie
a life estate measured by the life of someone other than the life tenant
doctrine of waste
a life tenant cannot commit acts that constitute an unreasonable use of land and/or injure the interests of a future interest-holder
types of waste
1) affirmative (voluntary) waste
2) permissive waste
3) ameliorative waste
affirmative (voluntary) waste
life tenant cannot consume/exploit natural resources on the land except:
1) where necessary for repairs/maintenance
2) when grant expressly gives right to exploit, or
3) if land was used for exploitation of resources prior to the grant
permissive waste
harm to property due to life tenant neglect; LT has a duty to repair/maintain property up to the extent of income/profits derived from land or its rental value