Present Possessory Estates Flashcards
A fee simple absolute is an…
absolute owership of indefinite or potentially infinite duration.
Freely transferable, devisable by will, and descendible.
Defeasible fees are fee simple estates that can be…
terminated upon the happening of a stated event.
A fee simple determinable terminates upon the happening of a stated event and reverts…
automatically to the grantor.
“to Orville Redenbacher, so long as popcorn is never made on the premises.”
Whenever a grantor conveys a fee simple determinable, they automatically retain…
a possibility of reverter.
(TRUE/FALSE): A possibility of reverter is transferable, devisable by will, and descendible by intestacy.
TRUE.
A fee simple subject to condition subsequent is an estate in which the grantor reserves the right to…
terminate the estate upon the happening of a stated event.
“To Selena, but if Selena ever serves alcohol on site, Britney reserves the right to re-enter and retake.”
A fee simple subject to an executory interest terminates upon the happening of a stated event and then…
passes to a third party.
“To Perry so long as he remains a lawyer, and if he leaves the legal profession, then to Tina.”
Can O Convey an estate “To A, so long as she never attemps to sell”?
NO – Absolute restraints on alienation are VOID.
This will give A a fee simple absolute.
Will “To A with the expectation that the premises will be used as a hardware store” create a defeasible fee?
No – words of mere desire, hope, or intention are insufficient to render an estate a defeasible fee.
In actions to regain title to property after the breach of a condition, Virginia imposes a statute of limitations of…
10 years from the date of breach.
A life estate is one…
measured by the life or lives of one or more persons.
What does, “To A for life” create?
A life estate, and A is known as a life tenant.
If a future interest is held by a third party, it is called a…
remainder.
If O devises his estate “To Perry, so long as he remains a lawyer, and if he leaves the legal profession, then to Tina,” What does Tina have?
A shifting executory interest.
At the end of a life estate with no future interests, the estate will….
revert back to the grantor or his heirs.
