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MBE Weak Areas > Present Estates and Future Interests > Flashcards

Present Estates and Future Interests Flashcards

1
Q

A fee simple is absolute ownership of indefinite or potentially infinite duration. It is freely transfersable, devisable by will, and

A

descendible through intestacy

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2
Q

There is _____ future interest with a fee simple absolute

A

NO

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3
Q

A defeasible fee is a fee simple with

A

a catch

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4
Q

to be defeasible means it’s capable of risk of

A

forfeiture

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5
Q

a FSD terminates upon the happening of a stated event and automatically

A

reverts to the grantor

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6
Q

FSD is created by using ____ language

A

durational

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7
Q

examples of durational language

A

“to A for so long as …”
“to A while….”
“to A during…”
“to A until….”

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8
Q

in a FSD, if the stated condition is violated, then forfeiture is

A

automatic

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9
Q

the future interest that accompanies a FSD is a

A

possibility of revertor (POR)

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10
Q

a POR means that the estate automatically reverts back to the grantor upon

A

the happening of the stated event

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11
Q

the POR is TDD meaning its

A

transferable, devisable by will, and decendable by intestacy

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12
Q

A fee simple subject to condition subsequent is an estate in which the grantor reserves the right

A

to terminate the estate upon the happening of a stated event, meaning that the estate does NOT AUTOMATICALLY terminate - grantor MUST take some action

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13
Q

the two main ingredients for a fee simple subject to condition subsequent is

A

(1) use of conditional words like “upon condition that…. provided that… but if”
AND
(2) an explicit statement of the grantor’s right of re-entry

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14
Q

when thinking about the fee simple subejct to condition subsequent, remember the key phrase “its my….”

A

prerogative

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15
Q

the “right of entry” that accompanies a fee simple condition subsequent is also called a

A

power of termination

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16
Q

If a fee simple terminates upon the happening of a stated event and then passess to a _____ rather than ______ then the third party has an ____

A

3 party

reverting to the grantor or giving grantor right to terminate

executory interest

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17
Q

The future interest that accompanies the executory interest is a

A

shifting executory interest

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18
Q

words of mere desire, hope, aspiration, expectation, or motivation are insufficient to render an estate a ___

A

defeasible fee

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19
Q

An absolute restraint on alientation that purports to restrict the transferee’s ability to transfer a fee simple is

A

NOT ALLOWED

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20
Q

a life estate is one measured by one’s life or the lives of

A

one or more persons

21
Q

a life estate is measured in explicit ____ and NEVER term of years

A

lifetime terms

22
Q

A life estate “pur autre vie” is measured by a life other than

A

the grantee’s

ex: to A for the life of B

23
Q

a life estate pur autre vie also results when the life tenant conveys their life estate to ___

A

another

24
Q

The future interest that accompanies a life estate is a

A

reversion, if held by O

remainder, if held by third party

25
Q

a life tenant must not commit waste. Three types of waste

A

(1) voluntary waste
(2) permissible waste
(3) ameliorative waste

26
Q

If a future interest is held by a transferor, it must be

A

(1) possitility of revertor
(2) a right of entry
(3) a reversion

27
Q

if a future interest is held by someone other than the transferor, it must be

A

(1) a contingent remainder
(2) a vested remainder (3 types)
(3) executory interest (2 types)

28
Q

a reversion is the estate left in a grantor who conveys _____ than they own

A

less

29
Q

a reversion is tranferable, devisable by will, and ___

A

inheritable

30
Q

All reversionary interests are VESTED and thus not

A

subject to RAP

31
Q

if a future interest is held by someone other than the grantor, it has to be either

A

(1) a contingent remainder OR
(2) a vested remainder OR
(3) executory interest

Executory interests: (1) shifting (2) springing

Vested remainders: (1) the indefeasibly vested remainder, (2) vested remainder subejct to complete defeasance, (3) vested remainder subject to open

32
Q

A remainder is a ____in a ____ that can become possessory on the natural expiration of the preceding estate

A
  • future interest
  • third person
33
Q

a remainder must be _____ created

A

expressly

34
Q

remainders are either ____ or ____

A

vested or contingent

35
Q

The remainder is very ____ never alone, and always accompanying a

A

sociable

preceding estate of known, fixed duration (like life estate or term of years)

36
Q

Remainders are ______ they never cuts the prior taker short or divests it

A

patient and polite

37
Q

can a remainder ever follow a fee simple estate?

A

NO because it is of potentially infinite duration

38
Q

A remainder is contingent if it is (1) created in _______ persons

A

(1) unborn or unascertained persons, or
(2) subject to a condition precedent,

OR BOTH

39
Q

a contingent remainder may be contingent to a ___ or ____

A

person or event

40
Q

a vested remainder is one created in an existing and _______and is not subject to a ____

A

ascertained

condition precedent

41
Q

3 types of vested remainders

A

(1) indefeasibly vested remainder
(2) vested remainder subject to total divestmenet
(3) vested remainder subject to open

42
Q

Rule of convenience says that in the absense of express contraty intent, a class closes (that is, no one born after that time may share in the gift) when

A

some members of the class can call for distribution of their their of the class gift

AKA when ANY member of the class can demand possession

43
Q

A shifting executory interest always follows a ______ and cuts short someone _______

A

defeasible fee

other than the grantor

44
Q

a springing executory interest cuts short the interest of

A

O, the grantor

45
Q

Does RAP apply to vested intersts?

A

NO

unless its a vested remainder subject to open

46
Q

what are the 4 RAP steps

A

(1) determine the intersts
(2) how does the future interest holder take
(3) find measuing life
(4) when will we knwo if the future interset holder can take

47
Q

RAP only applies to

A

Contingent remainders
Executory interests
certain vested remainders subject to open

48
Q

RAP does NOT apply to any of the 3 future intersts capable of creation in the ___

or to

A

grantor =
(1) POR
(2) right of entry
(3) reversion

indefeasibly vested remainders, or
vested remaindres subejct to total divestment

49
Q

BRIGHT LINE RULE - an executory interest with no time limit violates __

A

violates RAP

MBE Weak Areas (17 decks)

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