OWNERSHIP

Question 1

Fee Simple Absolute

Answer 1

• Owner has absolute ownership of both present and future possessory rights
• The duration is indefinite and potentially infinite
• Alienable, devisable, descendible
• If the owner dies intestate, heirs inherit
• If owner dies without heirs, property escheats to the state

Question 2

Defeasible Fee

Answer 2

• Potentially infinite duration
• Subject to termination by the occurrence of a specified event or condition

Question 3

Fee Simple Determinable

Answer 3

• Present fee simple estate that is created by durational language
• freely alienable, devisable, and descendible

Possibility of Reverter -
Once the stated event occurs, the fee simple determinable terminate and ownership reverts to the grantor

Question 4

Fee Simple Subject to Condition Subsequent

Answer 4

• Created by conditional language
• Duration: limited
• Alienable during grantor’s life
• Devisable and descendible upon grantor’s death

Right of Reentry-
Grantor must specifically retain the right to reenter. The grantor reserves the right to terminate and reclaim the estate upon the happening of stated event/condition

Question 5

Fee Simple Subject to Executory Interest

Answer 5

• Created by conditional language
• Has a limited duration
• Automatically transfers to third party upon the happening of the stated condition.
• *Executory Interests-**
• Future interest belonging to a third party that arises upon the happening of the stated event or condition
• is transferable (alienable, devisable, descendible)
• Shifting (third party) or Springing (back to grantor)

Question 6

Life Estate

Answer 6

A life estate is a present possessory estate, the duration of which is measured by a life.

Once the measuring life ends, the future interest will either be a reversion or remainder.

Reversion - held by grantor who retains right to reclaim

Remainder - Held by third party and arises upon end of life estate

Question 7

Restraint on Alienation

Answer 7

occurs when a grantor prohibits the alienability or transferability of the estate he is conveying

Generally void

May be valid if reasonable and for a limited duration

Question 8

Tenancy in Common

Answer 8

concurrent estate held by two or more tenants with no right to survivorship

undivided interest and the right to possess the whole property

may devise and transfer his interest, and may descend by intestacy

Question 9

Joint Tenancy

Answer 9

concurrent estate owned by two or more tenants with a right of survivorship

survivorship language and a clear expression of intent to create a joint tenancy is required

four unities are required to create a JT:

1. Unity of Time (must take title at the same time)
2. Unity of Title (must take title through the same instrument)
3. Unity of Interest (must have equal interest in the property)
4. Unity of Possession (equal right to possess or utilize the property)

Question 10

Severance of Joint Tenancy

Answer 10

The severance of a joint tenancy converts the severed share of the estate into a tenancy in common

Cannot be conveyed, extinguished at time of death

a sale severs the JT with respect to the seller

Mortgage severs JT

Judicial lien - no severance unless levy and sale of property interest

Question 11

Possession

Answer 11

Each co-tenant has a right to possess the whole property

Question 12

Ouster

Answer 12

An ouster occurs when co-tenant refused another co-tenant’s access to the property

The outside tenant may sue to obtain access and recover damages for the period during which he was unable to gain access

If one co-tenant is ousted by the other, the ousted tenant may make a claim for adverse possession if the elements are satisfied

Question 13

Rent

Answer 13

Co-tenants do not pay other co-tenants for use

not required to share profits he earns from use of the property

If renting property to third party, must share rent minus operating and repair expenses based on ownership interest

Question 14

Operating Expenses

Answer 14

Co-tenant can request contribution if he has paid more than his share of operating expenses (taxes, mortgage payments, etc.)

If he is the only co-tenant physically occupying the property, he may request only the amount in excess of the property’s reasonable rental value.

Question 15

Repairs and Improvements

Answer 15

A co-tenant may not request reimbursement from his other co-tenants for repairs, even those that are necessary.

Under the majority rule, courts may compel co-tenants to contribute to necessary repairs in accounting or partition actions.

Question 16

Partition

Answer 16

Any tenant in common or joint tenant may unilaterally partition the property.

Courts typically prefer partition in kind but may order partition by sale if physical partitioning of the land would be impractical or unjust.