Multi State Real Property Flashcards
Different ways property can be transferred?
- Sale
- Gift
- Devise
- Intestate Sucession
How is a fee simple created?
“O to A” and “O to A and his heir”
How is a fee simple determinable created?
Limited by specific durational language. O conveys Blackacre to Anna so long as the land is used as a farm.
How is a fee simple subject to a condition subsequent created?
Limited by specific conditional language. For example, “but if,” “provided that”, and “on the condition that”
How does the possibility of reverter work?
Future interest held by a grantor following a fee simple determinable this vests automatically after the durational period ends.
What is a right of entry?
Future Interest held by a grantor following a fee simple subject to conditions subsequent. This does not vest automatically.
What is a fee simple subject to executory interest?
Future Interest held by a third party that will vest upon the happening of an event.
What is a life estate?
Present estate that is limited by a life. This is created using the words, “for life.”
What are the three kinds of waste?
- Affirmative
- Permissive
- Ameliorative
What is a affirmative waste?
Waste caused by voluntary conduct, which causes a decrease in value.
What is permissive waste?
Waste cause by neglect towards the property which causes a decrease in value.
What is ameliorative waste?
Changes the use of the property and actually increases the value of the property.
What are the three kinds of concurrent ownership?
- Tenancy in common
- Joint Tenancy
- Tenancy by the entirety
What are the the defining characteristics of a tenancy in common?
- This is the default
- Separate but undivided shares in the property.
- No right of survivorship.
What are the defining characteristics of a joint tenancy?
This has a right of survivorship.
How is a joint tenancy created?
Possession
Interest
Time
Title
Tenancy by the entirety?
- Joint tenancy between married spouses.
- Right of Survivorship
- Cannot alienate or encumber shares wihtout the consent of the other spouse.
What formed of relief can the ousted tenant seek?
- Injunction
2. Damages for the value of the use while the co-tenant was unable to access the property.
Treatment of rents between co-tenants?
Amount the third party paid minus operating expenses and then divided by the amount of the party’s ownership interest.
Treatment of Operating Expenses between parties with concurrent interests in property?
These are taxes and mortgage interest payments on the property?
How are repairs/improvements treated when they have concurrent interests?
There is no right of reimbursement for necessary repairs/improvements. They can get credit in a paritition action.
