Property Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

Batman and Robin bought a piece of property. Batman paid $20k of the purchase price and Robin $10k. How do they hold the property?

A

They both hold the property as a Tenancy in common: Batman has a 2/3 interest; Robin has a 1/3 interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

O conveys Blackacre to A, B, and C as joint tenants and not as tenants in common, with full right of survivorship. Subsequently, A conveys her interest in Blackacre to D. The conveyance to D breaks the unity of time and title as to the D’s interest. Therefore, D holds his one-third interest as a tenant in common with B and C. What interests remain if B thereafter dies?

A

Tenancy in common between C and D. D holds a 1/3 interest and C holds a 2/3 interest. They hold the property together as tenants in common.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Tenancy in common

A

each co-tenant holds an undivided interest in the whole of the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Tenancy in common creation requirements

A

Tenancy in common creation requires a unity of possession - each tenant has right to possess the whole

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Joint tenancy

A

each co-tenant owns an undivided interest in the whole of the property and has a right of survivorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Joint tenancy creation requirements: Common law and Modern Law

TTIP

A

Common law:
Time (take at the same time)
Title (take y the same instrument)
Interest (take equal shares of the same type) and
Possession (each tenant has the right to possess the whole)

Modern Law: only requires interest and possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

“O to A and his heirs”

Present Estate

A

fee simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

“O to A”

Present Estate

A

fee simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

“O to A and his heirs for so long as the premises are used for educational purposes”

Present Estate

A

Fee Simple Determinable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

“O to A and his heirs, but if the premises are not used for educational purposes, then O has the right to reenter the premises and terminate A’s estate.”

Present Estate

A

fee simple subject to a condition subsequent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

O to A for life; provided, however, that if the premises are not used for charitable purposes, O may reenter and retake the premises

Present Estate

A

life estate subject to a condition subsequent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

“O to A for so long as the premises are used for charitable purposes, but if the premises cease to be used for charitable purposes, then to B.”

Present Estate

A

fee simple subject to executory interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

“O to A, but if the premises cease to be used for educational purposes, then to B.”

Present Estate

A

fee simple subject to executory interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

“O to A and the heirs of his body.”

Present Estate

A

fee tail

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

“O to A for life”

Present Estate

A

life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

“O to A for the life of B”

Present Estate

A

life estate pur autre vie

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

“O to A for a term of 10 years”

Present Estate

A

term estate

18
Q

“O to A for life, then to B for life, then to C for life.”

What are the interests?

A
A = life estate
B = Life estate
C = life estate
O = Reversion
19
Q

“O to A for a term of 10 years.”

What are the interests?

A
A = term estate for 10 yrs
O = Reversion
20
Q

O conveys “to A for life”

What are the interests?

A
A = life estate
O = Reversion
21
Q

T devises “Blackacre to A for life”

What are the interests?

A

When T dies - A = life estate

T’s reversion passes by the terms of his will or to T’s heirs by the law of intestacy if there is no will.

22
Q

T devises Blackacre “to A for life,” and T also devises “the rest and residue of my estate to B.”

What are the interests?

A

When T dies - A = life estate.

B gets the residue of T’s estate, which includes the reversion to Blackacre.

23
Q

T devises “to A for life, remainder to A’s widow and her heirs.”

What are the interests?

A

If A is living at the time of creation, whether married or unmarried, A has a life estate
A’s widow (if any) has a contingent remainder in fee simple because the take is not yet ascertained or ascertainable.
T = reversion

24
Q

O conveys “to A for life, remainder to B and her heirs if B reaches 21.”

What are the interests?

A

If, at the time of creation, B is already 21 = A has a life estate and B has a vested remainder in fee simple.

If, at the time of creation, B is not 21 = A has a life estate and B has a contingent remainder

O = reversion

25
Q

T devises “to A for life, remainder to B and his heirs.”

What are the interests?

A

A = life estate

B = vested remainder in fee simple

26
Q

O conveys “to A for life, remainder to B for life, remainder to C and her heirs.”

What are the interests?

A

A = life estate

B = vested remainder for life

C = vested remainder in fee simple

27
Q

T devises “to A for life, remainder to A’s children and their heirs.” At the time of T’s death, A is living and has one child, B.

What are the interests?

A
A = life estate 
B = vested remainder subject to open
T = retains nothing
28
Q

T devises “to A for life, remainder to A’s children and their heirs.” At the time of T’s death, A is living and has one child, B. One year later, A has another child, C.

What are the interests?

A

A = life estate
B & C = vested remainder subject to open
T = retains nothing

29
Q

O conveys “to A for life, remainder to B for so long as the premises are used for education purposes.”

What are the interests?

A
A = life estate
B = vested remainder subject to total divestment
O = possibility of reverter
30
Q

O conveys “to A, but if liquor is served on the premises, then to B and his heirs.”

What are the interests?

A

A = fee simple subject to an executory interest

B = shifting executory interest

31
Q

O conveys “to A for life, remainder to B and his heirs one month after A’s death.”

What are the interests?

A

A = life estate

B = springing executory interest

O = reversion

32
Q

O conveys “to A and her heirs for so long as liquor is not served on the premises.”

What are the interests?

A

A = fee simple determinable

O = possibility of reverter

33
Q

O conveys “to A and his heirs, but if liquor is served on the premises, then O and his heirs may reenter and terminate A’s estate.”

What are the interests?

A

A = fee simple subject to condition subsequent

O = power of termination/right of re-entry

34
Q

Fee Simple Absolute - What is it? Is it devisable, descendible or transferable?

A

Absolute ownership with indefinite duration. “To A and his heirs”

It is devisable, descendible and alienable

35
Q

3 types of defeasible fees

A

Fee simple determinable
Fee simple subject to condition subsequent
Fee simple subject to executory limitation

36
Q

Fee simple determinable - What is it? Is it devisable, descendible or transferable?

A

Terminates upon happening of state event and automatically reverts to grantor

“To A for so long as…or during…or until…”

Devisable, descendible and transferable

37
Q

What future interest does grantor have in a fee simple determinable?

A

Grantor retains a possibility of reverter - it is automatic and becomes possessory automatically upon termination of the prior determinable estate

38
Q

Fee simple subject to condition subsequent - What is it? Is it devisable, descendible or transferable?

A

Can be terminated by grantor upon happening of a state event.

“To A, upon condition that… or provided that… or but if… or if it happens that…”

devisable, descendible and transferable

39
Q

What future interest does grantor have in a fee simple subject to condition subsequent?

A

Grantor retains a right of reentry or termination - not automatic; a grantor does not have to assert a possibility of reverter in order for a cause of action to arise)

40
Q

Fee simple subject to executory limitation - What is it? Is it devisable, descendible or transferable?

A

Terminates upon happening of stated event then passes to 3rd party.

“To A but if stated event happens, to B”

devisable, descendible and transferable