Present Estates

Question 1

Fee Simple Absolute

Answer 1

conveyance of absolute ownership of real property (devisable, descendible, and alienable)

Question 2

Fee Simple Defeasible

Answer 2

conveyance of land with conditions; created with express conditional language; ownership may be terminated upon the occurrence/non-occurrence of an event or condition

Question 3

Fee Simple Determinable

Answer 3

reserves a future interest in the grantor (possibility of reverter); created with words of duration (so long as); conveyance automatically terminated if specific condition occurs

Question 4

Fee Simple Subject to a Condition Subsequent

Answer 4

reserves a future interest in the grantor (possibility of reverter)

created when a conveyance is subject to grantor’s right of re-entry if a specific condition occurs

only terminates if grantor AFFIRMATIVELY EXERCISES his right of re-entry

Question 5

Fee Simple Subject to Executory Interest

Answer 5

reserves a future interest in a third-party (not grantor or their heirs)

i.e. to person X, but if.., then to Y

Question 6

Life Estate

Answer 6

conveyance where the life tenant is entitled to possession during their lifetime, and upon death the real property transfers to another party (specified by deed)

life tenant responsible for ordinary expenses and taxes during their lifetime

cannot commit waste