Property 1 Future Interests Review Worksheet Flashcards
Fee Simple Absolute
Example:
O to A
In a Fee Simple Absolute “O to A”. Has O given away all of his rights?
Yes!
What are the future interests in land in a fee simple absolute?
None!
Fee Tail
Example
“O conveys to A and the heirs of his body”
What type of estate in land stays in the family until the bloodline dies out?
Fee tail
A fee tail stays in the family until bloodline dies out. Is there a future interest?
Yes. Always a future interest
In a Fee Tail, “O conveys to A and the heirs of his body”
What does O have?
Reversion
In a fee tail, “O conveys to A and the heirs of his body”. O has a reversion what does the third party have?
Remainder either vested or contingent
You can break a _______ _______ during your life time but you cannot leave it to anyone in a _______. _______ _______ trumps a ________.
Fee tail
Will.
Fee tail
Will.
Life Estate Example
“O to A for life”
In a life estate “O to A for life.” A has a life estate. When A dies it goes back to O. what does O have?
O has a reversion
“O to A for life” If A transfers her life estate to B, B’s estate will last only as long as A lives. What is this known as?
Life estate per autre vie
“O to A for life.” If A transfers her life estate to B, B’s estate will last only as long as A lives (life estate per autre vie). If B dies before A does, the life estate…
Passes to B’s heirs or devisees for the duration of A’s lifetime.
Ascertained takers who are not subject to a condition precedent.
Vested remainders
Vested remainders
Ascertained takers who are not subject to a condition precedent
Unascertained takers or subject to a condition precedent
Contingent remainder
Contingent Remainder
Unascertained takers or subject to a condition precedent
Term of Years
Example:
“O to A for 20 years”
Estate in some land for some period of time that is measured by the calander.
Term of years
Term of Years
“O to A for 20 years” what does O have?
Reversion
Term of years. “O to A for 20 years.” O has a reversion. What future interest does a third party have?
Remainder vested or contingent
What are the two defeasible fees?
Fee simple determinable
Fee simple subject to condition subsequent
Fee Simple Determinable Example:
“O to A so long as it is used for law school purposes”
Fee simple determinable
“O to A so long as it is used for a law school.” What does O have?
Possibility of reverter
(Functions automatically. O doesn’t have to act.)
Fee Simple Determinable. “O to A so long as it is used for law school purposes.” O has a possibility of reverted. What future interest does a third party have?
Executors interest
Fee Simple Determinable. “O to A so long as it is used for law school purposes. If they mess up then to Bob.” What does Bob have?
Executory interest
Fee simple subject to condition subsequent example:
“O to A but if it ceases to be used for a law school back to O.”
Fee Simple Subject to Condition Subsequent. “O to A but if it ceases to be used for a law school back to O” what does O have?
Right of entry (power of termination)
Fee simple subject to condition subsequent. “O to A but if it ceases to be used for a law school, then to Bob.” What does a Bob have?
Executory interest
