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Real Property > Estates in Land > Flashcards

Estates in Land Flashcards

1
Q

Defeasible Estates

A

Estates may terminate before its maximum duration has run

1- determinable (durational)
2- subject to condition subsequent
3- subject to executory interest

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2
Q

If a grant is unclear

A
  1. a covenant is preferred over a defeasible estate AND a fee simple subject to a condition subsequent is preferred over a fee simple determinable because damages is preferred over forfeiture
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3
Q

Life Tenant’s duties

A
  1. duty to REPAIR, limited to the extent of the income derived or to the reasonable rental value of the land
  2. duty to pay the INTEREST on a mortgage, to the extent of profits derived from the property
  3. duty to pay ordinary TAXES, to the extent of profits derived from the property
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4
Q

What are the future interest classifications?

A
  1. Fee Simple Determinable- Possibility of Reverter (automatic);
  2. Fee Simple subject to a condition subsequent- Right of Re-entry (grantor must act)
  3. Fee Simple subject to an executory interest- springing executory interest
  4. Life Estate- Reversion
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5
Q

Fee Simple Determinable- Possibility of Reverter (automatic)

A

ComLaw- transferable by intestacy only

Modern- Transferable, devisable, descendible

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6
Q

Fee Simple subject to a condition subsequent- Right of Re-entry (grantor assert right)

A

ComLaw- transferable by intestacy only

Modern- not transferable inter vivos (majority) , devisable (majority), descendible (all states

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7
Q

2 types of Executory Interests

A
  1. Springing- follows a gap in possession, interest passes from grantor to grantee
  2. Shifting- cuts short a prior estate, passes from one grantee to another
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8
Q

A remainder is vested if

A
  1. names an ascertainable person
  2. not subjective to a condition precedent

ComLaw- descendible, devisable, no inter vivos transfers

ModLaw-fully transferable

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9
Q

Doctrine of Destructibility of Contingent Remainders:

A
  1. fails to vest
  2. merger doctrine
  3. holder surrenders the interest
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10
Q

Mergers occurs when…

A
  1. a present estate is surrendered to the owner of a future estate
  2. a future estate is surrendered to the owner of a present estate
  3. when holders of future and present estates convey interest to a 3rd party
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11
Q

Vested Remainder Subject to Open (Partial Divestment)

A
  1. has been made to a class
  2. has at least one ascertainable member that has satisfied any condition
  3. other members may join later
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12
Q

Vested Remainder Subject to Total Divestment

A
  1. presently vested but may terminate on the happening of a future event
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13
Q

Shelly’s Case

A

A is granted a life estate and the remainder is given to A’s heirs, resulting in A getting a fee simple absolute

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14
Q

Doctrine of Worthier Title

A

prohibits remainders in the grantor’s heirs.

***Grants are better by descent than devise

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15
Q

Ameliorative Waste is permissible if…

A
  1. the market value of the remainderman’s interest is not impaired; AND
  2. it is permitted by the remainderman; OR
  3. a substantial and permanent change in the neighborhood has deprived the property of a reasonable current value
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16
Q

Who can sue for waste and in what circumstances?

A
  1. the holder of a reversion can sue for an injunction or damages for past or future waste
  2. a contingent remainderman may only sue for injunction to prevent future waste
17
Q

Restraints on Alientation

A
  1. disabling restraints are always void
  2. forfeiture restraints are only valid for life estates and future interests if reasonable
  3. promissory restraints are only valid for life estates and future interests if reasonable ; breach mean that the promisor is liable for damages
18
Q

Rule of Convenience

A
  1. a class closes when a member of the class is entitled to distribution

***ask who is alive at the time of the conveyance

19
Q

Powers of appointment

A
  1. general power of appointment- right to appoint the property to anyone
  2. special power of appointment- right to appoint property to a limited class of persons
20
Q

The rule against perpetuities

A

no interest is good unless it must vest, if at all, not later than 21 yes after some life-in-being at the creation of the interest

***might-have-been rule- if its possible to exceed the 21 years, the clause is void

21
Q

What interests are subject to the rule against perpetuities?

A
  1. contingent remainders
  2. executory interests
  3. vested remainder subject to open
  4. purchase options
  5. ROFR
  6. Powers of appointment
22
Q

Special Exception for the rule against perpetuities

A
  1. charity-to-charity Rule: shifting executory interest from one charity to another
  2. Uniform Statute Rule Against Perpetuities: vests or terminates within 90 years (determined after the fact)
23
Q

Tenancy In Common

A
  1. Each co-tenant owns an undivided interest in the whole of the property w/ no right of survivorship
  2. requires unity of possession

***DEFAULT

24
Q

Tenancy In Common can be transferred

A
  1. voluntarily- conveyance, lease, mortgage

2. involuntarily- foreclosure , or execution of a creditor’s lien

25
Q

Joint Tenancy

A
  1. Each co-tenant owns an undivided interest in the whole of the property w/ the right of survivorship
  2. Requires unity of Time, Title, Interests & Possession
26
Q

A Joint Tenancy is severed when

A
  1. one joint tenant conveys his interest voluntarily; or
  2. involuntarily- creditors foreclosure
  3. upon severance, joint tenancy becomes a tenancy in common
27
Q

If both joint tenants join in a mortgage of the subject property, then

A

the joint tenancy will not be severed

28
Q

Mortgages involving joint tenancy in Lien Theory

A

Majority- no severance because mortgagee only receives a lien

29
Q

Mortgages involving joint tenancy in TItle Theory

A

Minority- severance because mortgagee receives title

30
Q

Tenancy by the Entirety

A
  1. reserved for married couples
  2. any attempted conveyance is void
  3. Includes right of survivorship
31
Q

An out-of-possession co-tenant has what rights?

A
  1. the right to share in rents and profits derived from 3rd parties
  2. no right to demand rent from a co-tenant unless there was a wrongful ouster

Real Property (5 decks)

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