Property Flashcards
Define life estate
Property conveyance measured by a lifetime
EX: O to A for life.
What is a reversion?
Future interest for life estate. Remains with grantor unless stated otherwise.
EX: O to A for life (O has reversion, even if not stated).
What is a contingent remainder?
Future interest for life estate. Conditions are required for receiving the land.
EX: O to A for life, then to B if B gets married.
What is an absolutely vested remainder?
Future interest for life estate. When the party receiving the land is alive and identified.
EX: O to A for life, then to B. B is alive.
What is a vested remainder subject to open?
Future interest for a life estate. When the party receiving the land is alive and identified, but more people could be added.
EX: O to A for life, then to B’s kids. B currently has one child.
What is a vested remainder subject to divestment?
Future interest for a life estate. When the party receiving the land is alive and identified, but there are conditions for them LOSING the interest.
EX: O to A for life. Then to B, unless B goes to law school.
Rule of convenience
Relevant for vested remainders subject to open. Class will close when the measuring life dies.
What is a fee simple absolute?
Property conveyance with no strings attached.
EX: O to A.
What is a fee simple subject to an executory limitation?
Property conveyance. When there are conditions attached to receiving the property, the receiver violates the conditions, and the property is awarded to someone else.
EX: O to A, but if A ever goes to law school, then to B. A has fee simple subject to executory limitation.
What is an executory interest?
Future interest for fee simple subject to executory limitation. When there are conditions attached to receiving the property, the receiver violates the conditions, and the property is awarded to someone else.
EX: O to A, but if A ever goes to law school, then to B. B has executory interest.
What is a fee simple determinable?
Property conveyance. When there are conditions attached to receiving the property, the receiver violates the conditions, and the property is automatically returned to the grantor.
EX: O to A, as long as A keeps her law license. A has fee simple determinable.
What is a possibility of reverter?
Future interest in fee simple determinable. When there are conditions attached to receiving the property, the receiver violates the conditions, and the property is automatically returned to the grantor.
EX: O to A, as long as A keeps her law license. O has possibility of reverter.
What is a fee simple subject to a condition subsequent?
Property conveyance. When there are conditions attached to receiving the property, the receiver violates the conditions, and the grantor may choose to take the property back.
EX: O to A, but if A loses her law license, O may reclaim the property. A has fee simple subject to a condition subsequent.
What is a right of entry?
Future interest of fee simple subject to a condition subsequent. When there are conditions attached to receiving the property, the receiver violates the conditions, and the grantor may choose to take the property back.
EX: O to A, but if A loses her law license, O may reclaim the property. O has a right of entry.
