Ownership

Question 1

fee simple absolute

Answer 1

• 100% of ownership forever

Question 2

Life Estate:

Answer 2

• Rights and control for life
• Cannot commit waste
• “O to A for life”

Question 3

Reversion:

Answer 3

• Interest goes back to grantor

Question 4

Interest & Taxes: life tenant

Answer 4

• Life tenant must pay INTEREST & TAXES

Question 5

Remainder:

Answer 5

• Interest after a life estate
• “then to”

Question 6

vested remainder vs contingent remainder

Answer 6

Vested Remainder: Automatic transfer
vs.
Contingent Remainder: Subject to an event

Example:
Vested Remainder:
o Jon conveys Greenacre to you for your life, then
to Bob
Contingent Remainder:
o Jon conveys Greenacre to you for your life, then
to Bob if he’s married

Question 7

Vested Remainder Subject to Open/Partial Divestment:

Answer 7

• Refers to a class of people
• One must be alive

Example:
o Jon conveys Greenacre to you for your life, then to Bob’s children

Question 8

Vested Remainder Subject to Total
Divestment:

Answer 8

• applies when a person’s interest can be wiped out

Example:
o Jon to you for your life, then to C, but if C has no kids then to D

Question 9

Fee Simple Determinable:

Answer 9

A fee simple estate that automatically terminates and reverts back to the grantor upon the happening of a given event or condition

• • “so long as” or “as long as”

Example:
o Jon conveys Greenacre to you as long as you use it as a museum

Question 10

Possibility of Reverter:

Answer 10

*fee simple determinables AUTOMATICALLY reverts to grantor if condition is not met

Question 11

Fee Simple Subject to Condition Subsequent:

Answer 11

• If a future event occurs, then grantor has right of reentry
• “but if”

Example:
o Jon conveys Greenacre to you but if the Jets ever win the Superbowl Jon gets the property back

Question 12

Right of Reentry:

Answer 12

• Grantor must act to get the land back

Question 13

Rule Against Perpetuities:

Answer 13

• Interest must vest within 21 years of the life in being

Question 14

Joint Tenancy:

Answer 14

• Right of Survivorship
• Trumps a will
• Conveyance SEVERS a Joint Tenancy to a Tenancy in Common

Question 15

Tenancy in Common:

Answer 15

• An estate with multiple tenants in which each co-tenant owns a distinct, undivided interest and each has a right to possession of the whole estate
• NO Right of Survivorship

Question 16

Tenancy by the Entirety:

Answer 16

• Joint Tenancy between married people
• Right of Survivorship
• No conveyance without consent
• Severed by divorce

Question 17

Partition:

Answer 17

• Court divides property in two
• Granted unless not practical

Question 18

Contribution – Taxes & Mortgage:

Answer 18

• if Co-tenant: May seek contribution
• if Sole possessor: Only recover amount that exceeds market value

Question 19

Contribution – Rent:

Answer 19

• Out of possession co-tenant may SHARE in RENT & PROFITS
• BUT not from a tenant in possession
• ^UNLESS they are damaging the property

(ie:) a tenant is not required to pay rent or reimburse co-tenants for tenant’s use of land

But each co-tenant has a right to share in rents from third parties and profits derived from use of land that depletes its value (e.g., timber, oil and gas, mining, etc.)

Question 20

Contribution – Repairs & Improvements:

Answer 20

• No contribution for REPAIRS, unless necessary & requested
• No contribution for IMPROVEMENTS, unless
  increase rents/profits

Question 21

Periodic Tenancy:

Answer 21

• (Start date) – (A period of time)
• Renews unless a termination date
• Notice required to terminate

Question 22

Tenancy for Years:

Answer 22

• (Start date) – (An end date)
• NO notice required

Question 23

Tenancy at Will:

Answer 23

• Terminable at will
• Reasonable amount of time to terminate

Question 24

Tenancy at Sufferance:

Answer 24

• Holdover Tenant
• Terminates by leaving or eviction

Question 25

Landlord Duties:

Answer 25

• Actual possession
• Duty for basic repairs
• Warranty of Habitability
• Warranty of Quiet Enjoyment

Question 26

Tenant Duties:

Answer 26

• Duty to Pay Rent
• Cannot commit waste

Question 27

Assignment:

Answer 27

• Assign the rest of the lease term
• New tenant primarily liable
• Original tenant secondarily liable unless novation

Question 28

Sublease:

Answer 28

• Give away a portion of lease
• Original tenant liable unless novation

Question 29

Covenant Against Assignment or Sublease:

Answer 29

• STRICTLY CONSTRUED

Question 30

Fair Housing Act

Answer 30

• Federal law prohibits discrimination in sale/rental
• Race, color, religion, sex, disability, family status, pregnancy

Question 31

Fixtures:

Answer 31

• Chattel affixed to property
• Removal would cause damage

Question 32

conflict of laws: general rule

Answer 32

General Rule:
* Generally, law of the state where property is located will apply

Question 33

conflicts of law: exceptions to the general rule

Answer 33

• Choice of law clause
• Collateral issues use local law