Multi State Real Property

Question 1

Different ways property can be transferred?

Answer 1

1. Sale
2. Gift
3. Devise
4. Intestate Sucession

Question 2

How is a fee simple created?

Answer 2

“O to A” and “O to A and his heir”

Question 3

How is a fee simple determinable created?

Answer 3

Limited by specific durational language. O conveys Blackacre to Anna so long as the land is used as a farm.

Question 4

How is a fee simple subject to a condition subsequent created?

Answer 4

Limited by specific conditional language. For example, “but if,” “provided that”, and “on the condition that”

Question 5

How does the possibility of reverter work?

Answer 5

Future interest held by a grantor following a fee simple determinable this vests automatically after the durational period ends.

Question 6

What is a right of entry?

Answer 6

Future Interest held by a grantor following a fee simple subject to conditions subsequent. This does not vest automatically.

Question 7

What is a fee simple subject to executory interest?

Answer 7

Future Interest held by a third party that will vest upon the happening of an event.

Question 8

What is a life estate?

Answer 8

Present estate that is limited by a life. This is created using the words, “for life.”

Question 9

What are the three kinds of waste?

Answer 9

1. Affirmative
2. Permissive
3. Ameliorative

Question 10

What is a affirmative waste?

Answer 10

Waste caused by voluntary conduct, which causes a decrease in value.

Question 11

What is permissive waste?

Answer 11

Waste cause by neglect towards the property which causes a decrease in value.

Question 12

What is ameliorative waste?

Answer 12

Changes the use of the property and actually increases the value of the property.

Question 13

What are the three kinds of concurrent ownership?

Answer 13

1. Tenancy in common
2. Joint Tenancy
3. Tenancy by the entirety

Question 14

What are the the defining characteristics of a tenancy in common?

Answer 14

1. This is the default
2. Separate but undivided shares in the property.
3. No right of survivorship.

Question 15

What are the defining characteristics of a joint tenancy?

Answer 15

This has a right of survivorship.

Question 16

How is a joint tenancy created?

Answer 16

Possession
Interest
Time
Title

Question 17

Tenancy by the entirety?

Answer 17

1. Joint tenancy between married spouses.
2. Right of Survivorship
3. Cannot alienate or encumber shares wihtout the consent of the other spouse.

Question 18

What formed of relief can the ousted tenant seek?

Answer 18

1. Injunction

2. Damages for the value of the use while the co-tenant was unable to access the property.

Question 19

Treatment of rents between co-tenants?

Answer 19

Amount the third party paid minus operating expenses and then divided by the amount of the party’s ownership interest.

Question 20

Treatment of Operating Expenses between parties with concurrent interests in property?

Answer 20

These are taxes and mortgage interest payments on the property?

Question 21

How are repairs/improvements treated when they have concurrent interests?

Answer 21

There is no right of reimbursement for necessary repairs/improvements. They can get credit in a paritition action.