Present Possessory Estates Flashcards
“To A” or “to A and his heirs” =
What characteristics does it have?
Fee simple absolute
Potentially infinite, freely transferable, devisable by will, descendible by intestacy
A living person has heirs. T/F
False
Defeasance = _____.
Forfeiture
Fee simple determinable, when terminated, results in an ____
Automatic reverted
Fee simple determinable results in a ______ for the grantor.
Possibility of reverter
The condition on a fee simple determinable follows when the interest is transferred to another. T/F
True
Absolute restraints on alienation are ___.
Void
Restraint on selling in a grant is ok if it’s ____.
Limited to a reasonable amount of time
Attempts to establish a fee tail (“to A and the heirs of his body”) usually result in ____.
A fee simple
Life estate pur autre vie measures the estate by ____.
Someone’s life other than the grantee’s
If a future interest is held by someone other than O, it’s called ____.
A remainder
Life tenant’s basic rights and duties:
Right to ordinary uses and profits from land
Can’t commit waste (voluntary, permissive (neglect), ameliorative)
A life tenant depleting a property’s natural resources could be ____ unless ____.
Voluntary waste; it’s necessary for repair/maintenance, land is suitable only for such use, or it’s expressly or impliedly permitted by the grantor
Special note: no new mines
Life tenant is only required to pay ordinary taxes on land according to its reasonable ____ value.
Rental
Life tenants must pay interest on ____ and special assessments of ____ duration.
Mortgages; short
