estates in land Flashcards

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1
Q

fee simple determinable

A

property automatically reverts back to grantor upon the happening of a given event

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2
Q

fee simple determinable future interest

A

possibility of reverter (retained by grantor)

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3
Q

fee simple subject to condition subsequent

A

grantor retains power to terminate grantee’s estate; grantor must take action (not automatic)

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4
Q

FSSCS future interest

A

right of reentry (retained by grantor)

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5
Q

fee simple subject to an executory interest

A

property automatically transfers to a third party upon the happening of a given event

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6
Q

FSSEI future interest

A

shifting executory interest

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7
Q

life estate

A

interest that lasts only for the life of the interest holder

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8
Q

life estate future interest

A

reversion or remainder

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9
Q

reversion

A

future interest in grantor when a life estate does not provide for disposition of property to a third party

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10
Q

remainder

A

future interest following a life estate that identifies a third person; expressly granted and freely transferable

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11
Q

life estate pur autre vie

A

a life estate measured by the life of someone other than the life tenant

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12
Q

doctrine of waste

A

a life tenant cannot commit acts that constitute an unreasonable use of land and/or injure the interests of a future interest-holder

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13
Q

types of waste

A

1) affirmative (voluntary) waste
2) permissive waste
3) ameliorative waste

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14
Q

affirmative (voluntary) waste

A

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

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15
Q

permissive waste

A

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

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16
Q

ameliorative waste

A

LT acts that economically benefit the land; prohibited under common law but now usually permitted in most modern jdxs

17
Q

categories of vested remainders

A

1) indefeasibly vested remainders
2) vested remainder subject to total divestment
3) vested remainder subject to open

18
Q

vested remainder

A

a remainder that automatically becomes possessory upon the natural expiration of the preceding estate; cannot be subject to a condition precedent or vest in an unknown person

19
Q

indefeasibly vested remainder

A

becomes possessory immediately upon termination of the prior estate

e.g., “to A for life, then to B”

20
Q

vested remainder subject to total divestment

A

subject to some condition subsequent, such that the remainderman could be divested after taking possession

e.g., “to A for life, remainder to B; but if B weds, then to C”

21
Q

vested remainder subject to open (class gift)

A

remainder vested in a described class of takers, at least one of whom is capable of taking possession

e.g., “to A for life, remainder to children of B and their heirs”

22
Q

open vs. closed class

A

class stays open to allow for future members and closes when no new members can be created

23
Q

Rule of Convenience

A

class closes whenever any member can call for distribution of her share; after-born class members get nothing

24
Q

contingent remainder

A

a remainder will be contingent if it is either:
1) subject to a condition precedent, or
2) created in favor of an unascertained or unborn person

25
Q

contingent remainder subject to condition precedent

A

remainder’s taking is contingent on the prior occurrence of some event or condition

once the event/condition occurs, the interest automatically becomes an indefeasibly vested remainder

26
Q

rule of destructability

A

at common law, a contingent remainder is destroyed if it remains contingent when the preceding estate ends

27
Q

merger (Shelley’s Rule)

A

arises when a conveyance attempts to give a life estate to grantee with a remainder to grantee’s intestate heirs

at common law, the two estates merge; modern rule is A has a life estate and his heirs have contingent remainders and O has a reversion b/c A could die without heirs

28
Q

doctrine of worthier title

A

arises when grantor creates a life estate in another but grants a future interest in grantor’s heirs; contingent remainder in O’s heirs is void and A instead has a life estate and O has a reversion

29
Q

executory interests

A

a future interest in a third party that takes effect by cutting short some interest

devisable, descendible, and usually transferable

30
Q

types of executory interests

A

shifting and springing

31
Q

shifting executory interest

A

always follows a defeasible fee or vested remainder subject to total divestment; cuts short someone other than the grantor

32
Q

springing executory interest

A

cuts short a present interest held by the grantor or grantor’s estate

33
Q

Rule Against Perpetuities

A

a future interest is void if there is any possibility, no matter how remote, that it will vest more than 21 years after the death of the measuring life

34
Q

measuring life

A

a life “in being” when the interest was created whose actions during life, at death, or within 21 years after death determines whether a future interest satisfies RAP