Present Estates

Question 1

???What is a present estate?

Answer 1

1. immobile

2. for indeterminate duration

Question 2

What is fee simple absolute?

Answer 2

Absolute ownership of potentially infinite duration

Question 3

What are FSA magic words?

Answer 3

To A

To A and her heirs

Question 4

FSA - future interest?

Answer 4

No accompanying future interest

Question 5

Is FSA alienable?

Answer 5

Yes, FSA is freely alienable

Question 6

What is a defeasible fee? And 3 types

Answer 6

potentially infinite duration, subject to termination by the occurrence of an event

1. FS determinable (FSD)
2. FS subject to condition subsequent (FSSCS)
3. FS subject to executory interest/limitation (FSSEI)

Question 7

Is a defeasible fee alienable?

Answer 7

Yes

Question 8

Is a defeasible fee devisable?

Answer 8

Yes

Question 9

Is a defeasible fee descendible?

Answer 9

Yes

Question 10

FSD - terminates?

Answer 10

automatically terminated upon happening of a stated event

Question 11

FSD - magic language

Answer 11

so long as
while
during
until

Question 12

FSD - future interest?

Answer 12

grantor (or his successor in interest) retains the possibility of reverter

Question 13

FSSCS - magic words

Answer 13

upon condition that
provided that
but if
if it happens that

Question 14

FSSCS - terminates?

Answer 14

Terminates only if the grantor AFFIRMATIVELY demonstrates intent to terminate

Question 15

FSSCS - future interest

Answer 15

Yes, right to reentry

Grantor reserves the right to terminate estate upon happening of a state event

Grantor MUST specifically retain the right to reenter

Question 16

FSSEI - magic words

Answer 16

FSD or FSSCS language + FI to 3rd party

a present fee simple that is limited by specific durational or conditional language

Question 17

FSSEI - terminates?

Answer 17

automatically upon happening of the stated event, and title passes to a third party

• but what if conditional language, still automatic?

Question 18

FSSEI - future interest?

Answer 18

Yes

executory interest held by the third party (someone other than the grantor)

Question 19

What is a life estate

Answer 19

a present possessory estate fully transferable during measuring life

Question 20

Life Estate - magic words

Answer 20

to A for life
to B after the life of A
to B for the life of C
To A for life, but if he drinks, then to B

Question 21

Is a life estate devisable and descendable?

Answer 21

If measured by the grantee’s life, it is NOT devisable or descendible

Question 22

What are a life estate tenant’s rights and duties?

Answer 22

1. right to possess
2. right to collect rents,
3. lease/sell/mortgage (must pay taxes on financial benefit from the land)
4. duty not to commit waste

Question 23

What is affirmative waste?

Answer 23

when overt conduct causes a decrease in property value

Question 24

What are the remedies for waste for someone who holds a vested future interest in a life estate?

Answer 24

they can bring suit against LT for damages

Question 25

What are the remedies for waste for someone who holds ANY future interest in a life estate?

Answer 25

Can bring suit against LT for an injunction

Question 26

When is the exploitation of natural resources NOT waste?

Answer 26

If it is

1. authorized by the grantor
2. in effect when the tenancy began, OR
3. necessary to maintain the property

Question 27

What is permissive waste?

Answer 27

When the LT permits the premises to deteriorate through

1. neglect,
2. failure to preserve, or
3. a failure to reasonably protect the property

Question 28

What is ameliorative waste?

Answer 28

When a change in use of the property INCREASES its value

Question 29

Does LT have a duty to repair property?

Answer 29

LT must make reasonable repairs (up to the amount of income produced by property OR if LT is in actual possession, the fair rental value)

Question 30

When can LT alter structures?

Answer 30

When a substantial and permanent change in the neighborhood makes it necessary in order to continue reasonable use of the property SO LONG AS the property value is not diminished