Estates In Land

Question 1

What are the four ways property can be transferred (alienated)?

Answer 1

1. Sale
2. Gift
3. Devise (by will)
4. Intestate succession

Question 2

How are the two ownership interest divided in time?

Answer 2

1. Present interest

2. Future interest

Question 3

What are the magic words to create a fee simple absolute?

Answer 3

1. And heir

2. And his or her heirs

Question 4

What is the default estate?

Answer 4

Fee simple absolute

Question 5

What is a defeasible fee?

Answer 5

A fee that can end

Question 6

What are three things the defeasible fees can do?

Answer 6

1. Maybe terminated by the occurrence of an event
2. Capable of lasting forever but also of being terminated early
3. condition will cut short the fee simple

Question 7

What language creates a fee simple determinable?

Answer 7

1. So Long as
2. While
3. During
4. Until

Question 8

How long does the fee simple determinable last?

Answer 8

The fee simple last while the period is in play, but as soon as the period ends, the fee simple ends.

Question 9

What language is used to create a fee simple subject to conditions subsequent?

Answer 9

1. But if
2. Provided that
3. On the condition

Question 10

What future interest held by the grantor follows the FSD?

Answer 10

Possibility of reverter

1. Interest vest automatically after the durational ends.

Question 11

What future interest held by the grantor follows a FSCS?

Answer 11

Right of entry

1. Does not this automatically; it must be reclaimed.
2. Also known as the power of termination.

Question 12

What is a fee simple subject to executory interest?

Answer 12

A fee that will end upon the happening of an event and the future interest vest this in a third party.

• someone other than the grantor

Question 13

What is an executory interest?

Answer 13

A future interest that will cut short, or terminate, an earlier interest.

Question 14

What is a word for terminating a prior interest?

Answer 14

Divest

Question 15

What are the magic words to create a life estate?

Answer 15

For life

Question 16

When does a life estate terminate?

Answer 16

Is naturally when the measuring life dies

Question 17

Is there a such thing as a contingent life estate?

Answer 17

Yes – it is a life estate that is based on a condition.

Question 18

What future interest follows a life estate?

Answer 18

1. If possession of the land goes back to the grantor then the grantor retained a reversion.
2. if possession of the land goes through a third-party after the life estate ends, then a third-party takes a remainder.

Question 19

What are the three types of waste?

Answer 19

1. Affirmative waste
2. Permissive waste
3. Ameliorate waste

Question 20

What is affirmative waste?

Answer 20

Waste caused by voluntary conduct which causes a decrease in value.

Question 21

What is permissive waste?

Answer 21

Waste caused by neglect towards the property, which causes a decrease in value.

Question 22

What is ameliorative waste?

Answer 22

Special situations where the life tenant or other person in possession changes the use of the property and you actually increases the value of the property.

Question 23

What are three situations where the doctrine of waste applies?

Answer 23

1. Landlord vs tenant
2. Co-tenant out of possession vs Tenant in possession (concurrent estates)
3. Mortgagee vs Mortgagor

Question 24

What present possessory estate does a remainder follow?

Answer 24

Life estate

Question 25

What are the two types of remainders?

Answer 25

1. Vested | 2. Contingent

Question 26

What is a vested remainder?

Answer 26

An interest that is: 1. Given to an ascertained Grantee; and 2. Not subject to a condition precedent.

Question 27

What happens if a vested remainder dies?

Answer 27

The interest passes to the holders heirs

Question 28

What is a contingent remainder?

Answer 28

An interests: 1. Subject to a condition precedent or 2. Given to an unascertained grantee

Question 29

What happens if the contingent remainder does not vest before it becomes possessory?

Answer 29

The grantor has a reversion.

Question 30

When is a class gift – vested remainder subject to open?

Answer 30

Vested subject to open is: 1. Vested remainder in a class gift; and 2. Full class membership is unknown.

Question 31

What amount of individuals in a class must be vested for it to be the vested subject to open?

Answer 31

At least one person in the class must be vested

Question 32

When does the class close?

Answer 32

When all members of the class identified

Question 33

Why is it subject to open?

Answer 33

Because we do not know who else will vest and make it into the class

Question 34

What is the rule of convenience?

Answer 34

A class closing mechanism to avoid application of rap to a class gift.

Question 35

What is the doctrine of worthier title?

Answer 35

Prevents against remainders is the grantors heirs. Creates presumption in a reversion to the Grantor.

Question 36

What is the rule is Shelly's case?

Answer 36

Prevents against remainders in grantee heirs. Uses doctrine of merger to create a fee simple.

Question 37

What is a executory interest?

Answer 37

Future interest in a third-party that cut short (divest) a prior vested interest.

Question 38

What are the two types of executory interest?

Answer 38

Springing executory interest Shifting executory interest

Question 39

Who does the springing executory interest divest?

Answer 39

The grantor

Question 40

Who does the shifting executory interest divest?

Answer 40

Divest the prior grantee