Present Possessory Estates Flashcards
What are the 7 Present Possessory Estates?
- Fee Simple Absolute (FSA)
- Fee Simple Determinable (FSD)
- Fee Simple Subject to a Condition Subsequent (FSSCS)
- Fee Simple Subject to an Executory Limitation/Interest (FSSEL/FSSEI)
- Fee Tail (FT)
- Life Estate (LE)
- Term of Years (TOY)
What are these?
- Fee Simple Absolute (FSA)
- Fee Simple Determinable (FSD)
- Fee Simple Subject to a Condition Subsequent (FSSCS)
- Fee Simple Subject to an Executory Limitation/Interest (FSSEL/FSSEI)
- Fee Tail (FT)
- Life Estate (LE)
- Term of Years (TOY
The 7 Present Possessory Estates aka Estates in Land aka Freehold Estates
Do all Present Possessory Estates have a corresponding Future Interest?
No. All of them do except FSA
What are the 8 Future Interests?
- Reversion
- Possibility of Reverter
- Right of Entry (aka Power of Termination)
- Executory Interest
- Contingent Remainders
- Vested Remainders
- Vested Remainder Subject to Partial Divestment
- Vested Remainder Subject to Complete Divestment
What are these?
- Reversion
- Possibility of Reverter
- Right of Entry (aka Power of Termination)
- Executory Interest
- Contingent Remainders
- Vested Remainders
- Vested Remainder Subject to Partial Divestment
- Vested Remainder Subject to Complete Divestment
The 8 Future Interests
What are the 3 ways to transfer estates in land and future interests?
- By Deed
- By Will
- By Intestate Succession
What is a “grantor”?
The person making the transfer of property
What is a “grantee”?
The person receiving the transfer of property
What is a “conveyance”?
The complete transfer of property (aka the grant)
What is a “Testator/Testatrix”?
The deceased person whose property is being transferred
What is a “Devisee”?
The recipient of property from a testator/testatrix
What is “Intestate Succession”?
When a person dies without a will, their property is distributed according to the state statutes for intestacy
T/F Are FSAs Alienable, Devisable, and Descendible?
True! FSAs are alienable, devisable, and descendible
What is Alienable?
Can be sold or given away during the owner’s lifetime
What is Devisable?
Can be transferred by will at the owners death
What is Descendible?
Can pass by intestate succession if the owner dies without a will to their heirs
What words create a FSA?
O to “A and his heirs”
What is a Life Estate?
A LE is where a grantee or devisee receives an estate that lasts for the duration of a particular person’s life
What is a Life Estate Pur Autre Vie?
Where the LE is measured by the life of another person
Are LEs Alienable?
Yes, LEs are alienable
Are LEs devisable?
No. LEs are not devisable
What are the holders of a LE called?
Life Tenants
T/F LEs always have a corresponding future interest?
True! LEs do always have a corresponding future interest
What is a Reversion?
Future interest retained by the grantor
