Property

Question 1

Estate

Answer 1

The amount, degree, nature, and quality of a person’s interest in land or other property.

Question 2

Fee Simple Estates

Answer 2

Present ownership interests in land.
· Largest, broadest, and most exclusive estates in land that the law will recognize
· Exclusive right to use, possess, occupy, or transfer the property

Question 3

Types of Fee Simple Estates

Answer 3

1. Fee Simple Absolute;
2. Fee Simple Determinable; OR
3. Fee Simple Subject to a Condition Subsequent.

Question 4

Fee Simple Absolute

Answer 4

The closest thing to ABSOLUTE OWNERSHIP
· Potentially indefinite: Lasts as long as the owner lives, and as long as she has heirs to inherit it from her.
· Indefeasible: Will not terminate and revert to someone else upon the happening of a specific event.
· T4: Does NOT give rise to a corresponding future interest when it is created.

Question 5

Defeasible Fee Simple Estates: GENERAL

Answer 5

An interest that reverts to the grantor upon the occurrence of a particular future event spelled out in the deed conveying the property from the grantor to the grantee.

Question 6

Defeasible Fee Simple Estates: TYPES

Answer 6

1. Fee Simple Determinable; OR
2. Fee Simple Subject to a Condition Subsequent

Question 7

Fee Simple Determinable

Answer 7

A type of DEFEASIBLE FEE SIMPLE ESTATE
· An estate will AUTOMATICALLY end and revert to the grantor if some specified event occurs
· Usually definite, lasting until the specified event occurs

Question 8

Fee Simple Determinable: FUTURE INTEREST

Answer 8

Possibility of Reverter: At the precise moment the specified event occurs, the property reverts automatically to the grantor w/o need for the grantor to take any further action
· Usually in fee simple absolute
–> LOOK FOR: “until,” “while,” “so long as”

Question 9

Fee Simple Subject to a Condition Subsequent

Answer 9

An estate subject to the grantor’s power to end the estate if some specified event happens.
· NOT automatic

Question 10

Fee Simple Subject to a Condition Subsequent: FUTURE INTEREST

Answer 10

Right of Entry: Grantee’s estate does NOT END AUTOMATICALLY upon the happening of the specified event.
· Ownership will remain w/ the grantee UNLESS AND UNTIL the grantor takes some additional step to reclaim ownership
–> LOOK FOR: Conditional language like “conditioned upon,” or “subject to.”