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Property > Property > Flashcards

Property Flashcards

1
Q

present interest

A

gives the owner a present right of possession (of use) of the land

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2
Q

What type of division ownership is allowed in estates

A

Division of ownership by time

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3
Q

Future interest

A

Give the owner future right of possession (or use) of the land.
(possession not use)

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4
Q

What is delayed to the future?

A

Your right of possession not ownership that is delayed to the future

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5
Q

Three types of estates in land

A
  1. Fee simple absolute
  2. Life estate
  3. Tenancy
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6
Q

Conveyance

A

Transfer of interest in land to someone

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7
Q

Divisees

A

People who inherit based on a will

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8
Q

“in common”

A

Have concurrent interest in the land

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9
Q

Issue

A

Lineal descendants- children, grandchildren, great grand children

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10
Q

Ancestors

A

Parents, grandparents

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11
Q

Collaterals

A

Blood relatives who are not descendants or ancestors

-brother, sister, cousin

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12
Q

Intestate

A

Without a will- surviving children or spouse usually are the ones to inherit

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13
Q

Devisees

A

People who inherit when someone dies

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14
Q

Escheat

A

Person who dies without a will or heirs

-Property goes to the state as a default

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15
Q

Does a living person have heirs?

A

No

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16
Q

Executor

A

A person appointed to administer a deceased persons estate

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17
Q

What does trixt do?

A

Makes it feminine- Testrixt or Executrixt

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18
Q

Per stripes

A

distribution- gives equal shares of an estate to each branch of family

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19
Q

Per capita

A

By generation distribution gives equal shares to each person at each generational level

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20
Q

Alienability

A

Can be transferred to someone

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21
Q

What is the difference between per stripes and per capita?

A

Amount of inheritance each person gets

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22
Q

Life Estate

A

Is an interest that has a duration measured by a human
life

(To A for life)

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23
Q

Common name of an owner of a life estate

A

Life tenant

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24
Q

What always accompanies a life estate?

A

future interest

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25
Q

If a life estate is created in the grantor what will it be?

A

Reversion

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26
Q

Remainder

A

Future interest is created in someone other than the grantor

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27
Q

Can life estates be sold?

A

Yes

28
Q

How much a life estate be measured?

A

By a human life, not of an animal or entity

29
Q

What are 3 ways to say a life estate is being used to measure

A
  • To A until death
  • To A until the duration of her death
  • To A for life
30
Q

Tenancies

A

Terms of years

31
Q

What are the types of tenancy?

A
  • Tenancy at will
  • Periodic Tenancy
  • Terms of years
32
Q

What two esrtates are Free Hold estates?

A
  • Fee simple

- Life Estates

33
Q

seisin

A

Gace the owner of a freehold estate privileges and obligations

34
Q

What happend in fuedal England regarding seisin?

A

A freehold estate could only be transferred by ceremony

35
Q

What is seisin now considered?

A

A bargain for sale

36
Q

Statute Quia Emptors

A

Made fee timpe absolutely freely alienable

37
Q

statute of uses

A

Undercut the ritual of seisin and permitted executory interests

38
Q

Statute of wills

A

Allowed the transfer of real property by will

39
Q

Statute of frauds

A

Intended to prevent fraud by requiring certain types of agreements and transactions be made in writing

40
Q

Periodic tenancy period of time

A

created by language that is measured by fixed periods of time and automatically continues for successive periods of time until one ends it

41
Q

Tenancy at will period of time

A

No fixed period of time

  • terminated when reither landlord or tenant dies
  • therefore it is of limited duration
42
Q

The free tail

A

Potentially unlimited duration
Traditional common law estate intended to keep land in a family
-Passes to grantees
-lineal decendants

43
Q

In a Free Tail what happens if grantee’s line ever dies out?

A

The land would revert back to grantor or the grantor’s successor in interest

44
Q

Bald man rule

A

A living person has to hairs

A living person has to heirs

45
Q

What does to a and his heirs do?

A

Keeps it in the family

46
Q

Defeasible interests

A

Interest tht will terminate on the happening of an uncertain event

47
Q

What is defeasible?

A

Fee simple, life estate, or tenancy

48
Q

When is Fee simple determinable created?

A

Created if the conditional language is phrased in terms of duration

49
Q

Examples of conditional language phrased in terms of duration

A

“so long as”

“until”

50
Q

Possibility of reverter under fee simple determinable

A

Future interest that accompanies fee simple determinable

51
Q

Fee simple subject to condition subsequent

A

created if conditional language is phrased in terms of condition

52
Q

What are terms of condition under fee simple subject to conditional subsequent?

A

“but if”

“on condition that”

53
Q

What is the future interest that accompanies a fee simple subject to condition subsequent

A

right of entry

54
Q

What can a future interest be?

A

right of entry

55
Q

Distinction between fee simple determinable and fee simple subject to conditional subsequent

A

the way you terminate it

56
Q

Fee simple determinable is terminated by

A

reverter acts automatically, once the thing that terminates it has happened

57
Q

Fee simple subject to consideration subsequent

A

terminates only when the holder of the right of entry exercises her right t terminate the fee simple interest
- the right of entry must be affirmatively exercised by future interests

58
Q

When does the person become an AP under fee simple determinable?

A

immediately- the SOL starts immediately

59
Q

Does a person become an AP under Fee Simple subject to condsideration subsequent?

A

No, SOL does not start immediately against the holder of the right
- It starts when the holder of fee simple has rightful possession of the land and the holder arguably cannot be adverse to the right of entry holder

60
Q

Term of years

A

Limited

Conveyance indication creation of an interest measured by a fixed period of time or a fixed calendar date

61
Q

Term of years accompanying future interest

A

Remainder or Reversion

62
Q

Periodic tenancy

A

Limited

conveyance indicating creation of an interest measured by successive periods of time

63
Q

Accompanying future interests

A

Remainder or reversion

64
Q

Tenancy at will

A

Limited
conveyance indication creation of interest that sets no fixed time
“to A for as long as we both desire

65
Q

Accompanying future interest of tenancy at will

A

Remainder or reversion

66
Q

Fee simple subject to executory limitation

A
  • Potentially unlimited
  • conveyance that would create a fee simple determinable or fee simple subject to condition subsequent, but the future interest is held by a third person, rather than a grantor

Property (3 decks)

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