Final Defeasible Estates and Concurrent Estates

Question 1

FSD key words

Answer 1

durational nature:

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

Question 2

FSSCS key works

Answer 2

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

Question 3

What is a FSD always followed by?

Answer 3

possibility of reverter

Question 4

what is the transferability of a FSD?

Answer 4

alienable, devisable and descendible but always subject to the condition

Question 5

what is a FSSCS always followed by?

Answer 5

a right of re entry

Question 6

what is the transferability of a FSSCS?

Answer 6

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

Question 7

what happens with a FSSEL?

Answer 7

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

Question 8

what interest does the third party of a FSSEL have?

Answer 8

an executory interest

Question 9

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

Answer 9

right of reversion

Question 10

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

Answer 10

that there is no condition precedent

Question 11

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

Answer 11

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

2) they are not subject to any condition precedent

Question 12

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

Answer 12

1) an un ascertained person or

2) a person that is subject to a condition precedent

Question 13

who does a shifting executory interest divest?

Answer 13

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)

Question 14

who does a springing executory interest divest?

Answer 14

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)

Question 15

what does the RAP mean?

Answer 15

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

Question 16

what does the RAP apply to?

Answer 16

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

Question 17

what does the RAP NOT apply to?

Answer 17

1) vested remainders

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

Question 18

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

Answer 18

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.

Question 19

are the 4 unities required for a tenancy in common?

Answer 19

NO

Question 20

what are the 4 unities?

Answer 20

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

Question 21

what do most states assume with a TIC?

Answer 21

there is equality of ownership

Question 22

what can a TIC convey?

Answer 22

their individual interest in the WHOLE property

Question 23

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

Answer 23

they will become another TIC

Question 24

at death what happens to a TIC?

Answer 24

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

Question 25

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

Answer 25

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

Question 26

can one tenant in a TIC ouster another tenant?

Answer 26

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

Question 27

what is a title theory in a Joint tenancy?

Answer 27

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

Question 28

what happens to the title in a title theory?

Answer 28

it's transferred and severs the joint tenancy

Question 29

what is a lien theory in a JT?

Answer 29

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

Question 30

what happens to the title in a lien theory?

Answer 30

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

Question 31

what does possession consist of in the 4 unities?

Answer 31

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

Question 32

what does interest consist of in the 4 unities?

Answer 32

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

Question 33

what does time of the 4 unities consist of?

Answer 33

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

Question 34

What does the title of the 4 unities consist of?

Answer 34

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

Question 35

do you need the 4 unities for a JT?

Answer 35

YES

Question 36

how do you separate a JT?

Answer 36

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

Question 37

what is required of a tenancy by entirety?

Answer 37

the 4 unities + marriage

Question 38

is there survivorship in a JT?

Answer 38

there is a severable right of survivorship

Question 39

is there survivorship in a tenancy by entirety?

Answer 39

NO unseverable right of survivorship

Question 40

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

Answer 40

YES

Question 41

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

Answer 41

YES

Question 42

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

Answer 42

NO not without the consent of the other party

Question 43

what is a partition by kind?

Answer 43

each party gets half

Question 44

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

Answer 44

partition by kind

Question 45

what is a partition by sale?

Answer 45

when the house is sold and each party gets half

Question 46

which partition does the interest of the owners benefit?

Answer 46

partition by sale

Question 47

what is an ouster?

Answer 47

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

Question 48

what is an ouster for rent?

Answer 48

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

Question 49

what is an ouster for adverse possession?

Answer 49

when the occupying tenant claims absolute ownership

Question 50

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

Answer 50

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

Question 51

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

Answer 51

property belongs to spouse with title + alimony

Question 52

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

Answer 52

equitable distribution