Present Possessory Estates Flashcards
Fee Simple Absolute —
the absolute ownership of land in possible perpetuity.
Fee Simple Determinable —
a fee simple estate which automatically reverts back to the grantor upon the happening of a stated event.
Possibility of Reverter —
the interest in land conveyed by a grantor of a fee simple determinable. If the stated event occurs, the land reverts back to the grantor.
Fee Simple Subject to Condition Subsequent —
a fee simple estate in which the grantors reserves the right to terminate the estate upon the happening of a state event; i.e. the estate does not automatically terminate; the grantor must take some action.
Right of Entry —
the interest in land held by a grantor of a fee simple subject to a condition subsequent where the grantor has the option to enter the property and end the fee simple if the stated event occurs.
Must a right to entry be expressly stated?
Yes. It does not automatically appear. The grantor must reserve it. This is what makes it a fee simple subject to a condition subsequent.
Fee Simple Subject to an Executory Interest —
a fee simple estate where the land passes to a third party upon the happening of the stated event. It does not revert to the grantor, but to a third party.
What does a third party to a fee simple subject to an executory interest have?
an executory interest.
Life Estate —
a fee estate which is measured by the life or lives of one or more persons. It is usually measured by the life of the grantee.
Life Estate Autre Vie —
a life estate measured not by the life of the grantee, but of a third party.
A life tenant is entitled to any __________ uses and profits of the land but cannot do anything that injures the interests of a remainderman or reversioner.
ordinary
What are the three kinds of waste?
Affirmative; Permissive; and Ameliorative
Affirmative Waste —
an act by the grantee which harms the estate.
Permissive Waste —
the grantee of a life estate allows the estate to fall into disrepair, or fails to take adequate precautions to prevent the estate from falling into disrepair.
Ameliorative Waste —
the grantee makes improvements to the land which increases the land’s value.
