MEE Real Property Flashcards
What is a fee Simple determinable with possibility of reverter?
What language should you look for?
A fee simple determinable terminates upon the happening of a stated event and automatically reverts to the grantor.
“to A for so long as…”
“to A while…”
“to A during…”
“to A until….”
What is a fee simple subject to condition subsequent and right of re-entry?
What are the two main ingredients?
An estate in which the grantor reserves the right to terminate the estate upon the happening of a stated event… Does not automatically terminate.
Two Main Ingredients:
(1) The use of conditional words, such as “upon condition that,” “provided that,” “but if,” and “if it happens that,” and
(2) An explicit statement of the grantor’s right to re-enter.
What is a life estate?
A life estate is one measured by the life or lives of one or more persons.
Can be “Pur Autre Vie” (or in other words measured by the life of another).
What is a reversion?
A reversion is the estate left in a grantor who conveys less than they own (for example, O conveys “to A for life”; O has a reversion).
What is a remainder?
A remainder is a future interest in a third person that can become possessory on the natural expiration of the preceding estate.
Remainders are either vested or contingent.
What is a vested remainder? What are the three types of vested remainders?
A vested remainder is one created in an existing and ascertained person, and not subject to a condition precedent.
(1) The indefeasibly vested remainder;
(2) The vested remainder subject to total divestment (also known as the vested
remainder subject to complete defeasance); and
(3) The vested remainder subject to open.
What is a contingent remainder? What is a condition precedent?
A remainder is contingent if:
(1) it’s created in unborn or unascertained persons, or
(2) it’s subject to a condition precedent, or both.
A condition is precedent if it must be satisfied before the remainderman has a right to possession.
What is an executory interest? What is a shifting vs. springing executory interest?
Executory interests are future interests in third parties that either divest a transferee’s preceding freehold estate (“shifting interests”), or follow a gap in possession or cut short a grantor’s estate (“springing interests”).
What is the Rule Against Perpetuities?
No interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest (“measuring life”).
What are the characteristics of a Tenancy in Common?
A tenancy in common is a concurrent estate with no right of survivorship.
Each co-tenant owns a 1/2 undivided interest, and each has a right to possess the whole.
Each interest is devisable, descendible, and alienable.
What are the characteristics of a Joint Tenancy? What must be present to create a Joint Tenancy?
A joint tenancy’s distinguishing feature is the right of survivorship.
Remember: TTIP (The Four Unities)
Same Time
Same Title
Identical and Equal Interest
Possession Rights of Whole
What is a partition? Do the courts generally grant them?
A judicial action for a physical division of the property, if in the best interests of all parties.
Courts WILL grant if reasonable, possible, and fair.
What is a Tenancy for Years? What are the notice requirements for termination?
A tenancy for a fixed, determined period of time. “From X date to X date”.
Ends automatically at its termination date, no notice is necessary to terminate.
What is a Periodic Tenancy? What are the notice requirements for termination of each period?
A tenancy which continues for successive intervals (for example, month to month) it CONTINUES until either the landlord or the
tenant gives proper notice of termination.
Month-to-Month? One month.
Week-to-Week? One week.
Year-to-Year? One month is the bar examiner’s approach, but common law it is six months.
What is a Tenancy at Will? What are the notice requirements for termination?
This is a tenancy of no fixed period of duration–it’s terminable at the will of either the landlord or the tenant.
In theory, it can be terminated at any time, however notice and reasonable time to vacate are required in most states.
What is the Holdover Doctrine? What may a landlord do?
If a tenant WRONGFULLY stays past the termination of their lease, it creates a Tenancy at Sufference.
The holdover doctrine states that if a tenant continues in possession after their right to possession has ended, the landlord may:
(1) Evict the tenant, or
(2) Bind the tenant to a new periodic tenancy (depending on how rent is paid).