Freehold Estates Flashcards
Can a tenancy in entirety be severed?
If so, how?
yes but only by
- divorce
- death
- creditor
- mutual agreement
what the types of a grantor’s future interests? and what types of possessory interests do they follow?
FSD - possibility of reverter
FSSCS - right of reentry
life estate - reversion
what are a life tenant’s duties?
- maintain property,
- pay property taxes to the extent of rents received or FMV if occupying,
- pay mortgage interest
what is the future interest in FSD?
poss of reverter
what is the FI for FSSCS?
right of entry
what types of conditions are invalid?
public policy, divorce, penalize marriage
what are life tenant duties?
not to commit waste
pay mortgage interest
pay property tax up to rents received or FMV if tenant is occupying
what kind of waste is allowed for a LT?
PURGE prior use necessary for Repair explicit/implicit GRANT to exploit Exploitation
is the destructabilty of contingent remainders still followed? what it is?
no - destroys contigent remainder when preceding estate ends (e.g., LE grantee dies before condition happens)
what is shelley’s rule? do most states follow it?
abolishes heir’s interest following grantee’s LE
no
what is the doctrine of worthier titele? do most states follow it?
blckes remainder in grantor’s heirs; creates reversion in grantor
no
to what estates and interests does RAP apply? does it apply to grantor’s future interest?
FSSEI, EI
VR subject to open
Contingent Remaidner
Right of First Refusal (unless part of lease)
Option to Buy (unless part of lease and it must be exercised during lease)
charity gifts
no
what is RAP
an interest is valid ONLY if it must vest or fail to vest within 21 years of a measuring life in being
what are the unities required for JT?
P ossession - equal right to poss
I nterest - identical interest
T itle (instrument) - created by same instrr
T ime take at the same time
what are the unities required for TIC?
possession
what is the default tenancy? what is required to create the other?
TIC
clear language demonstrating intent to create JTROS
what are the types of restrain on alienation? are any void?
○ Disabling restraint: A disabling restraint is a prohibition on the transfer of the property interest by its owner. Such a restraint is always void.
○ Forfeiture restraint: A forfeiture restraint effects the loss of property (i.e., the property is forfeited) if the interest owner attempts to transfer his interest. Such a restraint on a future interest or a life estate can be valid.
Promissory restraint: A promissory restraint is a promise by the property interest holder not to transfer the property interest. Such a restraint is enforceable by an injunction against the transferor/promisor to prevent the transfer or by a suit seeking damages from the transferor/promisor for having violated the promise. Such a restraint on a life estate can be valid.
what is a CT’s right to profit?
entitled to 3P rent and profit from land in propor
profits belong to CT if by own efforts
what is a CT’s right to onribution?
taxes, mortgages, and necessary repairs shared in propor
what is the open and notorious element of AP? the hostile?
ON - in such a way to put true owner on notice
H - against true owner’s intent
when might the statutory period for AP be tolled?
disability that exists at time of entry
what the elements in considering whether a fixture goes with the property?
objective test
- significance/designed for the property: nature, mnanner of attach
- appropriate for use on the property/impt for the property
- damage that would cause in removal
