Freehold v. Non Freehold

Question 1

Future Interest in Grantor

Reversion

Answer 1

Grants less than full duration estate that grantor had.

• Typically after the LE, or term of years.

Question 2

Future Interest in Grantor

Possibility of Reverter

Answer 2

Follows a Fee Simple Determinable

1) So long as,
2) While
3) During
4) Until

• Automatic retention

Question 3

Future Interest Retained by the Grantor

Answer 3

1) Reversion
2) Possibility of reverter
3) Right of Entry

Question 4

Permissive Waste

Repairs

Answer 4

Life Tenant has obligation to make repairs by not replacement

Limitation:
* LT repairs obligation is limited to the amount of rent and profit received from land.

• However, if there is no rent & profit, then repairs obligation are limited to reasonable rental value of land if the LT is using the land.

Question 5

Right to Convey

Identify Fee Simple Condition Subseqent

Answer 5

1) Provided, however
2) But if
3) On condition that

Question 6

Future Interest

Remainder

Answer 6

Is a FI in a third party party that can become possessor on natural expiration of the proceeding estate.

• They are either vested or contingent
• Taker is ascertainable and no conditions to take (Vested)

Question 7

Class Gift Vesting

Answer 7

THe class closes for a class gift whenever any class member is entitled to a distribution

Question 8

Law of Waste

Voluntary Waste

Answer 8

Is an affirmative action beyond the right of the maintenance that causes harm to premises.

• may be liable to future holder

General Rule:
* Depletion of natural resources continue a waste unless consumption of such resources constitute the normal use of the land, as in the course of the life estate in a coal mine or a granite.

Question 9

RAP

Analysis of the Rule

Answer 9

Could this future interest possibly vest in the grantee outside the time period of the rule.
* Is it possible the everyone alive at the time of the grant dies- plus more than 21 years (365 NV) go by- before the interest vest.

• If the transfer is made by will- apply Rap as of the testators death = when the will take effect
• if the transfer is made by deed - apply the term of the RAP as of the time the deed takes effect.

Question 10

Future Interest In Grantee

Vested Remainder

Answer 10

A FI in 3rd person grantee that:
1) Comes naturally, and

2) Immediately
3) On the termination of the proceeding estate
4) take is ascertainable
5) No condition on taking
* nothing stands in the way of it becoming a possessory natural expiration of the proceeding estate.

Question 11

Freehold Estate

The law of Waste

Answer 11

The life tenant maintain the estate:

1) Voluntary waste
2) Permissive waste
3) Amerioriateive waste