Graded Themis Essay Flashcards
A joint tenancy exists when
two or more persons who own property with the right of survivorship.
Under Virginia law, if a right of survivorship is not expressly reserved in grant, then
the tenancy will be construed as a tenancy in common rather than a joint tenancy.
In a tenancy in common, each tenant can
devise or freely transfer his interest to anyone, without affecting the interest of any other tenant in common.
A remainder is a future interest created in a grantee that is capable of becoming presently possessory upon
the natural expiration of a prior possessory estate that is created in the same conveyance in which the remainder is created.
A vested remainder is an interest that is not subject to any conditions precedent and is created in
an ascertainable grantee.
In Virginia, all future interests are fully transferable via
inter vivos transfer, devise by will, or descendible through inheritance.
A fee simple determinable is a fee simple estate that is limited by
specific durational language, such that it terminates automatically upon the happening of a stated event and full ownership of the property is returned to the grantor.
A grantor’s possibility of reverter in a fee simple determinable arises automatically even if
the grantor does not specifically reserve it.
A vested remainder, as a real property interest, can be encumbered by
a deed of trust.
Pursuant to a deed of trust, which functions as a mortgage in Virginia, a landowner delivers title to real property to a trustee as
security for the payment of an obligation that typically the landowner owes another person.
On the landowner’s default of his obligation secured by real property, the creditor can
instruct the trustee to sell the property and apply the sale proceeds to repay the obligation.
A landowner may choose to sell property that is subject to a deed of trust, and use the sale proceeds to
repay the obligation, thereby regaining title to the property which is then transferred to the buyer.
