Life Tenancy and Fee Simple

Question 1

Voluntary waste

Answer 1

Act of a possessory tenant that diminishes the value of the property.
Holder of vested remainder entitled to:
- Damages (or)
- Injunction and profits

Question 2

Contingent remainder

Answer 2

Future interest that automatically becomes possessory when prior estate terminates inevitably (death in life estate)

Question 3

Executory Interest

Answer 3

Future interest that will NOT automatically become possessory and which follows a prior estate that will not terminate inevitable (upon condition)

Question 4

Exception of Rules against perpetuities

Answer 4

Interest of a charity following another charity

Question 5

Types of partition of property by tenants in common

Answer 5

1. Partition in Kind: Physical division of common property (preferred)
2. Partition by sale: When fair and equitable physical division of property is impossible.