Final

Question 1

The Value of real property - acronym (3)

Answer 1

W.P.L. - Real Property has meant

1. Wealth
2. Power
3. Life

Question 2

To understand the legal concepts of real property you must consider: (2)

Answer 2

1. Time

2. Possession

Question 3

2 Types of taxes tax what you own/have instead of what you earn/acquire: (2)

Answer 3

1. Property Tax

2. Estate Tax

Question 4

Doctrine of Specific Performance

Answer 4

Real Property is so valuable that it requires a written contract that can be enforced by either party once signed.

Question 5

2 Types of Interest in Land

Answer 5

1. Possessory Interests

2. Non-possessory interests

Question 6

Types of Possessory Interests (4)

Answer 6

1. Fee Simple Absolute - highest/best way to own land (all E-PUT+T rights)
2. Defeasible Estates - Fee Simple with some condition attached
3. Fee Tail - no longer exists - defaults to Fee Simple Absolute
4. Life Estates - Goes to hiers

Question 7

Types of Defeasible Estates (3)

Answer 7

1. Fee Simple Determinable with Possibility of Reverter - automatic return to owner upon violation of condition
2. Fee Simple Subject to a Condition Precedent - Original owner has right to re-entry upon violation
3. Fee Simple Subject to an Executory Interest - relates to a 3rd party

Question 8

Types of Non-possessory Interests (4)

Answer 8

1. Easements
2. Profits
3. Covenants
4. Servitudes

Question 9

Fee Simple Absolute - Magic Words & Details (3)

Answer 9

Magic Words: “To Grantee(s) and their hiers”

1. Law prefers and presumes this form of ownership
2. Invests all E-PUT rights now and forever
3. The form in which all others branch off of

Question 10

Castle Doctrine

Answer 10

A person need not retreat from home invader and killing a burglar is a justified homicide.

Question 11

What two factors exist in deeds to land?

Answer 11

Words of purchase (the “Who” takes the property)

Words of limitation (the “how” - type and duration of transferee)

Question 12

Fee Simple Determinable - Magic Words

Answer 12

Magic Words: “To Grantee(s) and their hiers… for so long as … while … during … until …”

Automatically returns to owner upon condition met.

Question 13

Fee Simple Subject to Condition Subsequent - Magic Words

Answer 13

Magic Words: “To Grantee(s) and their hiers… upon the condition that … provided that … but if …”

Returns to owner upon condition met, after he acts (right to re-entry)

Question 14

Life Estates - Magic Words

Answer 14

To Grantee(s) for life for the life of …(name of other person)

Question 15

Joint Interest - Tenancy in the Entirety

Answer 15

By Marital Right
Right of Survivorship
Limited by Severance (divorce, or other agreement)

Question 16

Joint Interest - Joint Tenancy

Answer 16

Created by Unity of time, title, interest.

• Right of Survivorship
• Less limited by Severance

Question 17

Tenants in Common

Answer 17

No rights of Survivorship
Freely alienable
Joint ownership upon percentage