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Property Law > Final Defeasible Estates and Concurrent Estates > Flashcards

Final Defeasible Estates and Concurrent Estates Flashcards

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1
Q

FSD key words

A

durational nature:

1) So long as
2) while
3) during
4) until

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2
Q

FSSCS key works

A

conditional nature:
1 )On the condition that
2) but if
3) provided that

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3
Q

What is a FSD always followed by?

A

possibility of reverter

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4
Q

what is the transferability of a FSD?

A

alienable, devisable and descendible but always subject to the condition

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5
Q

what is a FSSCS always followed by?

A

a right of re entry

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6
Q

what is the transferability of a FSSCS?

A

same as FSD alienable, devisable and descendible ut always subject to the condition

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7
Q

what happens with a FSSEL?

A

it automatically terminates and passes to a third party when the condition is violated

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8
Q

what interest does the third party of a FSSEL have?

A

an executory interest

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9
Q

what is the future interest of the grantor in a life estate or term of year?

A

right of reversion

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10
Q

what is true if the third party is capable of becoming immediately possessory?

A

that there is no condition precedent

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11
Q

what are the elements that need to be present for a vested remainder?

A

1) an ascertained person (certain that it can vest) and

2) they are not subject to any condition precedent

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12
Q

what are the elements that need to be present for a contingent remainder?

A

1) an un ascertained person or

2) a person that is subject to a condition precedent

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13
Q

who does a shifting executory interest divest?

A

a third party (To A and his heirs, but if A does not graduate from law school then B and his heirs) (B has an executory interest and if A does not graduate from law school, his interest will divest)

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14
Q

who does a springing executory interest divest?

A

the original grantor (To A when she marries) (A has a springing executory interest and when she marries it will divest O of their FSSEL)

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15
Q

what does the RAP mean?

A

that no interest is good unless it MUST VEST if at all, no later than 21 years AFTER THE DEATH of SOME LIFE BEING at the creation of the interest

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16
Q

what does the RAP apply to?

A

1) contingent remainders
2) executory interests
3) options and rights of first refusal

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17
Q

what does the RAP NOT apply to?

A

1) vested remainders

2) future interest in the grantor (reversion, right to re enter, possibility of reverter)

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18
Q

what is the “wait and see rule” of the RAP?

A

some states use the time of vesting rather than time of creation of the interest and wait to see if it vests before 21 years after the interest is created.

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19
Q

are the 4 unities required for a tenancy in common?

A

NO

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20
Q

what are the 4 unities?

A

1) Time
2) possession
3) interest
4) title

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21
Q

what do most states assume with a TIC?

A

there is equality of ownership

22
Q

what can a TIC convey?

A

their individual interest in the WHOLE property

23
Q

what does the grantee of a TIC become with the other TICs?

A

they will become another TIC

24
Q

at death what happens to a TIC?

A

the individual’s property interest will pass to the decedent’s heirs and not the other TICs (no right of survivorship)

25
Q

in a TIC, if one of the tenants improves the property without the approval of the other owners, are they obligated to reimburse him?

A

No BUT if the improvements raise the value of the property, he may be reimbursed when they later sell the property

26
Q

can one tenant in a TIC ouster another tenant?

A

NO and if they try to do so, the tenant that was ousted could being an action for partition

27
Q

what is a title theory in a Joint tenancy?

A

when the borrower (mortgagee) TRANSFERS TITLE to the property to the lender (borrower)

28
Q

what happens to the title in a title theory?

A

it’s transferred and severs the joint tenancy

29
Q

what is a lien theory in a JT?

A

borrower (mortgagee) RETAINS TITLE and grants the lender (mortgagor) a security interest in the property

30
Q

what happens to the title in a lien theory?

A

the title is NOT transferred and there is no severance of the JT

31
Q

what does possession consist of in the 4 unities?

A

that all tenants possess the same access and right to use the WHOLE property

32
Q

what does interest consist of in the 4 unities?

A

each tenant must have an undivided identical interest in the whole property both as to duration and fractional share

33
Q

what does time of the 4 unities consist of?

A

the ownership interest of each joint tenant in the whole property must be ACQUIRED AT THE SAME TIME

34
Q

What does the title of the 4 unities consist of?

A

all tenant must derive their interest from the same SOURCE OF TITLE (same deed or instrument)

35
Q

do you need the 4 unities for a JT?

A

YES

36
Q

how do you separate a JT?

A

give a tenant exclusive ownership of one portion of the land through judicial partition

37
Q

what is required of a tenancy by entirety?

A

the 4 unities + marriage

38
Q

is there survivorship in a JT?

A

there is a severable right of survivorship

39
Q

is there survivorship in a tenancy by entirety?

A

NO unseverable right of survivorship

40
Q

in a TIC, is partition or sale allowed by one party?

A

YES

41
Q

in a JT, is partition or sale allowed by one party?

A

YES

42
Q

in a tenancy by entirety, is partition or sale allowed by one party?

A

NO not without the consent of the other party

43
Q

what is a partition by kind?

A

each party gets half

44
Q

which partition is favorable when one party has a business or lives on the property?

A

partition by kind

45
Q

what is a partition by sale?

A

when the house is sold and each party gets half

46
Q

which partition does the interest of the owners benefit?

A

partition by sale

47
Q

what is an ouster?

A

when a co-tenant in possession is not liable unless there’s been an ouster

48
Q

what is an ouster for rent?

A

when the occupying co-tenant refuses demand for use and possession

49
Q

what is an ouster for adverse possession?

A

when the occupying tenant claims absolute ownership

50
Q

when a marriage splits up, how is the property split up?

A

1) split what was brought in during the marriage excluding any gifts or inheritance
2) exclude any money made or had before the marriage

51
Q

how is property split up in a marriage in common law?

A

property belongs to spouse with title + alimony

52
Q

how is property split up in a marriage in modern law?

A

equitable distribution

Property Law (6 decks)

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