Ownership Flashcards
What is the holder of a LE limited by?
Waste
- Affirmative
- Permissive
- Ameliorative (allowed when substantial/permanent changes in neighborhood make it necessary.
What happens when there is a conflict of laws?
Law of the situs. Where property is located.
What are the two main statutory changes to RAP?
Wait and see - 90 years
Cy Press - court changes conveyance.
What does the FHA prohibit?
Discrimination in housing based on religion, color, race, sex, national origin, disability, and familial status.
Can’t refuse to sell/rent; different housing; different terms of sale; falsely denying housing if available; refuse mortgage; reasonable modifications; advertising that discriminates.
What is the doctrine of worthier title?
Prevents a remainder in grantor’s heirs.
Creates a reversion to grantor.
What are the two types of special vested remainders?
VR Subject to Open
- “to my children”
- Group can still grow
- Absent a closing dat: rule of convenience: closes when any member of class becomes entitled to immediate possession.
VR Subject to Complete Divestment
- Indicates that the occurrence of a condition subsequent will completely divest the remainder interest.
When is a remainder contingent?
Beneficiary is unknown or condition precedent.
What is the rule in Shelley’s Case?
Present and future interest merged.
i.e. “To B for life, then B’s heirs” = “To B”
If rule abolished, then Bs heirs have a contingent remainder.
What are the different future interests?
Reversion = LE
Possibility of reverter = FSD
Right of reentry = FSSCS
Remainder = LE
Executory Interest
- Shifting - Grantee to grantee
- Springing - Grantee to grantor
What are the two exceptions to the RAP?
- Charity -> charity
2. Option to purchase or right of 1st refusal held by current leasehold tenant or made in commercial transaction.
What is a partition?
In kind v by sale
(not physically possible)
Divides property
Tenancy in entirety cannot partition
Agreements not to partition bald if reasonable and clear.
Does a co-tenant in a joint tenancy or tenancy in common have a right to possess entire property?
Yes
Can a co-tenant collect operating expenses?
Yes, when more than fair share
Can a co-tenant collect for repairs?
No, unless necessary and action for accounting or partition.
What are the three types of concurrent estates?
Tenancy in common - Equal right to poses
Joint Tenancy - “right of survivorship”
- 4 unities (PITT - Possession, Interest Time, Title)
- Severance creates tenancy in common
- Mortgage - lien theory vs. title theory.
Tenancy by the entirety
- Marriage
- Right of survivorship
When is a remainder vester?
Interest not subject to condition precedent.
Ascertainable grantee
When a clause violates RAP, what happens?
Strike the clause.
When does RAP apply?
Contingent remainders
Executory Interests
Class gifts (subject to open)
Powers of Appointment
Rights of first refusal
Options
What are the different types of present?
FSA - alienable and devisable: “To A” or “To A and s heirs”.
FSD - automatic termination after event. “while” “during” “so long as” “until”.
- Possibility of reverter
FSSCS - Not automatic, grantor must show intent
- “Provided that”, “but if” - “on condition that”
- Right of reentry
FSSEI - 3rd Party
- “Then to B”
- Execratory interests
LE “For life” - reversion.
Note: Also Fee tail “heirs of body”.
Can a vested remainder be transferred inter vivos, devisable by will or descendable?
Yes.
What is the RAP?
Specific future interests are only valid if they must vest or fail by the end of a life in being plus 21 years.
