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Property Law 1 > Present Possessory Estates > Flashcards

Present Possessory Estates Flashcards

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1
Q

What are the 7 Present Possessory Estates?

A
  1. Fee Simple Absolute (FSA)
  2. Fee Simple Determinable (FSD)
  3. Fee Simple Subject to a Condition Subsequent (FSSCS)
  4. Fee Simple Subject to an Executory Limitation/Interest (FSSEL/FSSEI)
  5. Fee Tail (FT)
  6. Life Estate (LE)
  7. Term of Years (TOY)
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2
Q

What are these?

  1. Fee Simple Absolute (FSA)
  2. Fee Simple Determinable (FSD)
  3. Fee Simple Subject to a Condition Subsequent (FSSCS)
  4. Fee Simple Subject to an Executory Limitation/Interest (FSSEL/FSSEI)
  5. Fee Tail (FT)
  6. Life Estate (LE)
  7. Term of Years (TOY
A

The 7 Present Possessory Estates aka Estates in Land aka Freehold Estates

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3
Q

Do all Present Possessory Estates have a corresponding Future Interest?

A

No. All of them do except FSA

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4
Q

What are the 8 Future Interests?

A
  1. Reversion
  2. Possibility of Reverter
  3. Right of Entry (aka Power of Termination)
  4. Executory Interest
  5. Contingent Remainders
  6. Vested Remainders
  7. Vested Remainder Subject to Partial Divestment
  8. Vested Remainder Subject to Complete Divestment
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5
Q

What are these?

  1. Reversion
  2. Possibility of Reverter
  3. Right of Entry (aka Power of Termination)
  4. Executory Interest
  5. Contingent Remainders
  6. Vested Remainders
  7. Vested Remainder Subject to Partial Divestment
  8. Vested Remainder Subject to Complete Divestment
A

The 8 Future Interests

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6
Q

What are the 3 ways to transfer estates in land and future interests?

A
  1. By Deed
  2. By Will
  3. By Intestate Succession
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7
Q

What is a “grantor”?

A

The person making the transfer of property

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8
Q

What is a “grantee”?

A

The person receiving the transfer of property

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9
Q

What is a “conveyance”?

A

The complete transfer of property (aka the grant)

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10
Q

What is a “Testator/Testatrix”?

A

The deceased person whose property is being transferred

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11
Q

What is a “Devisee”?

A

The recipient of property from a testator/testatrix

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12
Q

What is “Intestate Succession”?

A

When a person dies without a will, their property is distributed according to the state statutes for intestacy

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13
Q

T/F Are FSAs Alienable, Devisable, and Descendible?

A

True! FSAs are alienable, devisable, and descendible

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14
Q

What is Alienable?

A

Can be sold or given away during the owner’s lifetime

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15
Q

What is Devisable?

A

Can be transferred by will at the owners death

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16
Q

What is Descendible?

A

Can pass by intestate succession if the owner dies without a will to their heirs

17
Q

What words create a FSA?

A

O to “A and his heirs”

18
Q

What is a Life Estate?

A

A LE is where a grantee or devisee receives an estate that lasts for the duration of a particular person’s life

19
Q

What is a Life Estate Pur Autre Vie?

A

Where the LE is measured by the life of another person

20
Q

Are LEs Alienable?

A

Yes, LEs are alienable

21
Q

Are LEs devisable?

A

No. LEs are not devisable

22
Q

What are the holders of a LE called?

A

Life Tenants

23
Q

T/F LEs always have a corresponding future interest?

A

True! LEs do always have a corresponding future interest

24
Q

What is a Reversion?

A

Future interest retained by the grantor

25
Q

What is a Remainder?

A

Future interest held by a 3rd Party

26
Q

What are the Magic Words to create a LE?

A

O “to A for life”

27
Q

Can a Life Tenant extract minerals or cut timber on a LE?

A

Depends. Usually no unless the mine was open or timber harvesting was practiced at the time that the LE began

28
Q

Can a Life Tenant cause waste?

A

No

29
Q

Can the Life Tenant alter the property?

A

No, the LT has the duty to not alter the property in any substantial way that diminishes the value of the estate

30
Q

Does a Life Tenant have the right to exclusive possession of the property?

A

Yes, for the duration of the life estate

31
Q

Does a Life Tenant have the responsibility to pay taxes, mortgage interest, and to keep the premise in good repair?

A

Yes

32
Q

What is Waste?

A

The abuse or destructive use of property by one in rightful possession

33
Q

What are the 3 kinds of Waste?

A
  1. Voluntary Waste
  2. Permissive Waste
  3. Ameliorative Waste
34
Q

What is Voluntary Waste?

A

An affirmative act that significantly reduces the value of the property (like demolishing a valuable building)

35
Q

What is Permissive Waste?

A

Failure to take responsible care to protect the estate (like failure to make repairs, pay taxes, insure the property, etc.)

36
Q

What is Ameliorative Waste?

A

Affirmative Act that leads to a substantial change in the property that increases the value of the property (like constructing an additional building)

37
Q

What are these?

  1. Voluntary Waste
  2. Permissive Waste
  3. Ameliorative Waste
A

The 3 kinds of waste

Property Law 1 (8 decks)

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