Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Bar Refresher > Property > Flashcards

Property Flashcards

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

THE BASICS
2 types of land ownership

[ present + future interests ]

A
  1. estate = present possessory interest

2. future interest = right to future possession

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

THE BASICS
10 present possessory estates

[ present + future interests ]

A

(freehold estates)

  1. fee simple absolute (FSA)
  2. fee tail (modern = FSA)
  3. fee simple determinable (FSD)
  4. fee simple subject to a condition subsequent (FSSCS)
  5. fee simple subject to an executory limitation (FSSEL)
  6. life estate (LE)
  7. life estate determinable
  8. life estate subject to a condition subsequent
  9. life estate subject to an executory limitation
  10. lease (non-freehold)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

THE BASICS
fee simple absolute
» future interests

[ present + future interests ]

A

in grantor = none

in grantee = none

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

THE BASICS
fee tail
» future interests

[ present + future interests ]

A

in grantor = none (modern)

in grantee = none (modern)

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

THE BASICS
fee simple determinable
» future interests

[ present + future interests ]

A

in grantor = possibility of reverter (POR)

in grantee = none

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

THE BASICS
fee simple subject to a condition subsequent
» future interests

[ present + future interests ]

A

in grantor = right of entry
(aka power or termination)

in grantee = none

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

THE BASICS
fee simple subject to an executory limitation
» future interests

[ present + future interests ]

A

in grantor = none

in grantee = executory interest

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

THE BASICS
life estate
» future interests

[ present + future interests ]

A

in grantor = reversion

in grantee = remainder

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

THE BASICS
life estate determinable
» future interests

[ present + future interests ]

A

in grantor = possibility of reverter/reversion

in grantee = none

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

THE BASICS
life estate subject to a condition subsequent
» future interests

[ present + future interests ]

A

in grantor = right of entry/reversion

in grantee = none

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

THE BASICS
life estate subject to an executory limitation
» future interests

[ present + future interests ]

A

in grantor = none

in grantee = executory interest/remainder

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

THE BASICS
lease (non-freehold)
» future interests

[ present + future interests ]

A

in grantor = reversion

in grantee = remainder

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

THE BASICS
alienability of present and future interests

[ present + future interests ]

A

all present possessory interests and future interests are transferable
1. inter vivos AND
2. at death (testate and intestate)
EXCEPT rights of entry = not transferable inter vivos in a majority of jurisdictions

all present and future interests are subject to the claims of creditors

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

THE BASICS
5 rules of construction

[ present + future interests ]

A
  1. no new (or hybrid) estates will be recognized
  2. a deed conveys the grantor’s entire estate unless expressly limited
  3. grantor may not convey a greater estate than he or she possesses.
  4. if a conveyance is ambiguous and may reasonably be construed as more than one estate, there is a presumption in favor of the larger possessory estate and a presumption against finding a future interest
  5. read and analyze the interests in a conveyance in sequence—from left to right
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

THE BASICS
presumption when conveyance could be construed as both
» fee simple v. defeasible fee simple

[ present + future interests ]

A

fee simple absolute

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

THE BASICS
presumption when conveyance could be construed as both
» fee simple absolute v. life estate

[ present + future interests ]

A

fee simple absolute

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

THE BASICS
presumption when conveyance could be construed as both
» fee simple determinable v. fee simple subject to a condition subsequent

[ present + future interests ]

A

fee simple subject to a condition subsequent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

THE BASICS
presumption when conveyance could be construed as both
» contingent remainder or vested remainder subject total divestment

[ present + future interests ]

A

vested remainder subject to total divestment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

THE BASICS
vocabulary for freehold estates
» words of limitation

[ present interests ]

A

designating the estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

THE BASICS
vocabulary for freehold estates
» words of purchase

[ present interests ]

A

designating the grantee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

THE BASICS
vocabulary for freehold estates
» alienable

[ present interests ]

A

can sell/give during owner’s lifetime

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

THE BASICS
vocabulary for freehold estates
» devisable

[ present interests ]

A

can be transferred by will @ death

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

THE BASICS
vocabulary for freehold estates
» descendible

[ present interests ]

A

pass by intestate succession laws

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

FEE SIMPLE ABSOLUTE
definition

[ present interests ]

A

= A HOLDS FULL TITLE TO THE LAND AND MAY USE, SELL, OR RENT THE LAND AT WILL

modern presumption = almost all states presume that grantor intends to convey a fee simple unless other specific words of limitation are used
(rationale = marketable)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

FEE SIMPLE ABSOLUTE
language used to create

[ present interests ]

A

Traditional =
OWNER TO A AND HER HEIRS.

Modern =

  • OWNER TO PERSON X.
  • OWNER TO PERSON X AND HER HEIRS. (note = doesn’t actually give interest to heir, just means full ownership given)
  • OWNER TO PERSON X FOREVER AND EVER.
  • OWNER TO CORPORATION X, ITS SUCCESSORS, AND ASSIGNS.

modern presumption = almost all states presume that grantor intends to convey a fee simple unless other specific words of limitation are used
(rationale = marketable)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

FEE SIMPLE ABSOLUTE
duration

[ present interests ]

A

may endure forever without limit = potentially infinite

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

FEE SIMPLE ABSOLUTE
ability to transfer

[ present interests ]

A

Freely alienable

Freely devisable

Freely descendible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

DEFEASIBLE FEES
definition

[ present interests ]

A

= estate that may end upon occurrence of some future event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

DEFEASIBLE FEES
3 types

[ present interests ]

A
  1. fee simple determinable
  2. fee simple subject to condition subsequent
  3. fee simple subject to executory limitation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

DEFEASIBLE FEES
fee simple determinable
» definition

[ present interests ]

A

= a fee simple that may continue forever or may end upon occurrence of some future event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

DEFEASIBLE FEES
fee simple determinable
» future interest

[ present interests ]

A

CREATED IN TRANSFEROR

RETAINED BY HEIRS OF TRANSFEROR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

DEFEASIBLE FEES
fee simple determinable
» termination

[ present interests ]

A

POSSIBILITY OF REVERTER

= AUTOMATIC W/ OCCURRENCE OF EVENT OR CONDITION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

DEFEASIBLE FEES
fee simple determinable
» language used to create

[ present interests ]

A

DURING
SO LONG AS
UNTIL
WHILE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

DEFEASIBLE FEES
fee simple determinable
» ability to transfer

[ present interests ]

A

OF FEE SIMPLE DETERMINABLE

  • Alienable, Devisable, Descendible
  • BUT durational condition continues to apply to any transferee

OF POSSIBILITY OF REVERTER

  1. Majority =
    - Alienable, Devisable, Descendible
  2. Common law =
    - Not assignable, Not devisable
    - Could only be transferred by intestate succession
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

DEFEASIBLE FEES
fee simple determinable
» waste

[ present interests ]

A

NOT subject to waste

36
Q

DEFEASIBLE FEES
fee simple determinable
» presumption/preference
v. fee simple subject to condition subsequent

[ present interests ]

A

when ambiguity exists, NOT preferred to fee simple subject to condition subsequent

37
Q

DEFEASIBLE FEES
fee simple determinable
» adverse possession

[ present interests ]

A

adverse possession is possible after condition is met

38
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» definition

[ present interests ]

A

= fee simple estate created in transferee that may be terminated at the election of the transferor when a certain condition or event occurs

39
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» future interest

[ present interests ]

A

CREATED IN TRANSFEROR

RETAINED BY HEIRS OF TRANSFEROR

40
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» termination

[ present interests ]

A

RIGHT OF ENTRY/POWER OF TERMINATION

= MAY BE TERMINATED BY HOLDER OF FUTURE INTEREST WHEN EVENT OCCURS

41
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» language used to create

[ present interests ]

A

BUT IF, ON CONDITION THAT, PROVIDED HOWEVER, PROVIDED THAT

HELPFUL TO INCLUDE “TRANSFEROR HAS THE RIGHT TO RE-ENTER AND CLAIM THE PROPERTY,” ETC.

42
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» ability to transfer

[ present interests ]

A

OF FEE SIMPLE SUBJECT TO CONDITION SUBSEQUENT

  • Alienable, Devisable, Descendible
  • BUT any transferee is bound by condition

OF RIGHT OF ENTRY

  • Majority = NOT Transferable inter vivos
  • Majority = YES Devisable
  • All = YES Descendible
43
Q

x

A

x

44
Q

x

A

x

45
Q

RULES ENHANCING MARKETABILITY
restraint upon alienation
» 3 types of restraints

[ future interests ]

A
  1. disabling restraint
  2. forfeiture restraint
  3. promissory restraint
46
Q

TRANSFER OF REAL PROPERTY
restraint upon alienation
» disabling restraint

[ future interests ]

A

= restraint that prevents the transferee from transferring her interest

ex = O conveys “to B, and any conveyance by B is void.”

47
Q

TRANSFER OF REAL PROPERTY
restraint upon alienation
» forfeiture restraint

[ future interests ]

A

= restraint that leads to forfeiture of title if transferee tries to transfer interest

ex = O conveys “to B, but if B ever tries to sell the estate, then to D.”

48
Q

TRANSFER OF REAL PROPERTY
restraint upon alienation
» promissory restraint

[ future interests ]

A

= restraint that stipulates that transferee promises not to transfer her interest

ex = O conveys “to B, and B promises that she will not sell the estate.”

49
Q

TRANSFER OF REAL PROPERTY
freedom of alienation
» basic principle

[ future interests ]

A

transfer that expressly prohibits future transfer of fee simple = 2 options

  1. ABSOLUTE restraint = VOID as against public policy
  2. PARTIAL restraint = may be VALID if reasonable as to duration, scope, and purpose
50
Q

TRANSFER OF REAL PROPERTY
freedom of alienation
» right of first refusal

[ future interests ]

A

rule = right of first refusal is considered REASONABLE restraint on alienation
IF party holding the right
1. must pay the then-FMV (@ time of future sale) OR
2. is required to match legitimate 3P offers

51
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» waste

[ present interests ]

A

NOT subject to waste

52
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» presumption/preference
v. fee simple determinable

[ present interests ]

A

when ambiguity exists, preferred over fee simple determinable

53
Q

DEFEASIBLE FEES
fee simple subject to condition subsequent
» adverse possession

[ present interests ]

A

adverse possession NOT possible after condition is met

UNLESS grantor exercises right of entry and is refused

54
Q

DEFEASIBLE FEES
fee simple subject to executory limitation
» definition

[ present interests ]

A

= fee simple estate created in a transferee that is followed by a future interest in another transferee

55
Q

DEFEASIBLE FEES
fee simple subject to executory limitation
» future interest

[ present interests ]

A

CREATED AUTOMATICALLY UPON CONDITION/EVENT

CREATED IN THIRD PARTY, NOT TRANSFEROR

56
Q

DEFEASIBLE FEES
fee simple subject to executory limitation
» termination

[ present interests ]

A

SPRING/SHIFTING EXECUTORY INTEREST

= AUTOMATIC TERMINATION AND TRANSFER WITH OCCURRENCE OF EVENT

57
Q

DEFEASIBLE FEES
fee simple subject to executory limitation
» language used to create

[ present interests ]

A

SAME AS LANGUAGE FOR DETERMINABLE OR SUBJECT TO CONDITION PRECEDENT

BUT TRANSFEREE HOLDS FUTURE INTEREST, NOT TRANSFEROR

58
Q

DEFEASIBLE FEES
fee simple subject to executory limitation
» ability to transfer

[ present interests ]

A

OF FEE SIMPLE SUBJECT TO EXECUTORY LIMITATION
= Alienable, Devisable, Descendible

OF EXECUTORY INTEREST
= Alienable, Devisable, Descendible

59
Q

DEFEASIBLE FEES
fee simple subject to executory limitation
» waste

[ present interests ]

A

NOT subject to waste

60
Q

DEFEASIBLE FEES
fee simple subject to executory limitation
» future interest in 3P

[ present interests ]

A

future interest in a third party follows the estate

61
Q

DEFEASIBLE FEES
adverse possession

[ present interests ]

A

FEE SIMPLE DETERMINABLE = yes, possible after condition is met

FEE SIMPLE SUBJECT TO COND. SUBSEQUENT
= no, not possible after condition is met
UNLESS grantor exercises right of entry and is refused

grantor has reasonable amount of time after breach within which to declare forfeiture
(failure to do so = power expires)

62
Q

FEE TAIL
definition

[ present interests ]

A

= ownership of property transfers at death to next lineal descendant

GRANTOR RETAINS REVERSION = BECOMES POSSESSORY IF LINE OF LINEAL DESCENDANTS EXPIRE

63
Q

FEE TAIL
words of limitation

[ present interests ]

A

TO B AND THE HEIRS OF HIS BODY

64
Q

FEE TAIL
duration

[ present interests ]

A

DETERMINED BY LIVES OF LINEAL DESCENDANTS OF PARTICULAR PERSON

65
Q

FEE TAIL
ability to transfer

[ present interests ]

A

LIMITED RIGHT TO TRANSFER = ONLY LASTS UNTIL DEATH

  • May only alienate right to possession until death
  • Descends only to lineal descendants
66
Q

FEE TAIL
contemporary approaches

[ present interests ]

A

ABOLISHED IN MOST OF US
(can be created in 4 states: DE, ME, MA, RI)

MAJORITY RULE
fee tails are prohibited
= converted in fee simple absolutes

67
Q

LIFE ESTATE
definition

[ present interests ]

A

= created a future interest in the form of a reversion or a remainder

68
Q

LIFE ESTATE
language used to create

[ present interests ]

A

OWNER TO A FOR LIFE

OWNER TO A FOR LIFE, THEN TO B

69
Q

LIFE ESTATE
duration

[ present interests ]

A

lasts for duration of life tenant’s life

terminates upon life tenant’s death and reverts back to grantee

70
Q

LIFE ESTATE
ability to transfer

[ present interests ]

A
  • Alienable
  • Not devisable
  • Not descendible

when conveyed to another = life estate pur autre vie (for another’s life)

71
Q

LIFE ESTATE
rule of construction

[ present interests ]

A

If language of deed/will is ambiguous, court will interpret it in accordance with transferor’s intent

Presumption of intent to convey largest possible estate

72
Q

LIFE ESTATE
waste

[ present interests ]

A

yes, subject to waste

remaindermen (and holders of reversions) may sue for waste
BUT holders of executory interests may not

vested remaindermen may obtain equitable relief and/or damages
BUT contingent remaindermen may only obtain equitable relief

73
Q

LIFE ESTATE
duties/rights of life tenant

[ present interests ]

A

LT is entitled to all ordinary uses and profits from land
(ex = LT may live on the property and continue to operate a business or farm on the property)

BUT LT must not commit WASTE

74
Q

LIFE ESTATE
duties/rights of life tenant
» 3 types of waste

[ present interests ]

A
  1. voluntary waste
  2. permissive waste
  3. ameliorative waste
75
Q

LIFE ESTATE
duties/rights of life tenant
» voluntary waste

[ present interests ]

A

= is affirmative or overt conduct that causes damage to the property

ex =

  • breaking a window playing baseball
  • hitting the garage wall with a vehicle
  • consuming or exploiting natural resources (oil, gas, coal, timber, etc.) on the property EXCEPT 4 situations
  1. prior use doctrine
    (subject to the open mines rule
    = if the prior use exploited natural resources like operating 2 coal mines, the LT may continue to operate these 2 mines but may not open any new mines)
  2. resources needed to repair property
    (ex = timber for a log home)
  3. specific grant in deed or will for LT to exploit resources
  4. exploitation of resources is only suitable use of property (ex = life estate in rock quarry)
76
Q

LIFE ESTATE
duties/rights of life tenant
» permissive waste

[ present interests ]

A

aka neglect

LT has duty to make ordinary repairs
BUT NOT capital improvements

LT required to pay ordinary expenses (or otherwise will be liable for waste)

  • including
    1. mortgage interest payments
    2. annual real estate taxes
    3. HOA dues
  • but NOT including mortgage principal or property insurance (remainderman must pay these)

NOTE = LT’s obligation to make repairs and to pay taxes/mortgage interest is LIMITED to either

  • amount of income received from the land OR
  • if none, the land’s fair rental value
77
Q

LIFE ESTATE
duties/rights of life tenant
» ameliorative waste

[ present interests ]

A

= a change to the property that increases its value

rule = an action may NOT be brought for ameliorative waste if

  • the remainderman does not timely object OR
  • the neighborhood has changed so much that the prior use deprived the property of reasonable value
78
Q

XXXXXX

A
79
Q

RULES ENHANCING MARKETABILITY
restraint upon alienation
» 3 types of restraints

[ future interests ]

A
  1. disabling restraint
  2. forfeiture restraint
  3. promissory restraint
80
Q

TRANSFER OF REAL PROPERTY
restraint upon alienation
» disabling restraint

[ future interests ]

A

= restraint that prevents the transferee from transferring her interest

ex = O conveys “to B, and any conveyance by B is void.”

81
Q

TRANSFER OF REAL PROPERTY
restraint upon alienation
» forfeiture restraint

[ future interests ]

A

= restraint that leads to forfeiture of title if transferee tries to transfer interest

ex = O conveys “to B, but if B ever tries to sell the estate, then to D.”

82
Q

TRANSFER OF REAL PROPERTY
restraint upon alienation
» promissory restraint

[ future interests ]

A

= restraint that stipulates that transferee promises not to transfer her interest

ex = O conveys “to B, and B promises that she will not sell the estate.”

83
Q

TRANSFER OF REAL PROPERTY
freedom of alienation
» basic principle

[ future interests ]

A

transfer that expressly prohibits future transfer of fee simple = 2 options

  1. ABSOLUTE restraint = VOID as against public policy
  2. PARTIAL restraint = may be VALID if reasonable as to duration, scope, and purpose
84
Q

TRANSFER OF REAL PROPERTY
freedom of alienation
» right of first refusal

[ future interests ]

A

rule = right of first refusal is considered REASONABLE restraint on alienation
IF party holding the right
1. must pay the then-FMV (@ time of future sale) OR
2. is required to match legitimate 3P offers

85
Q

RECORDING ACTS
what type of statute is this and what is its effect?
“no conveyance or mortgage of an interest in land is valid against any subsequent purchaser for value without notice thereof, unless it is recorded.”

[conveyances]

A

NOTICE statute

= subsequent BFP (for value, w/o notice) prevails

(aka babies don’t know anything and they can’t write)

86
Q

RECORDING ACTS
what type of statute is this and what is its effect?
“no conveyance or mortgage of an interest in land is valid against any subsequent purchaser whose conveyance is first recorded.”

[conveyances]

A

RACE statute

= grantee who RECORDS FIRST prevails

(aka racism is bad but it wins)

87
Q

RECORDING ACTS
what type of statute is this and what is its effect?
“no conveyance or mortgage of an interest in land is valid against any subsequent purchaser for value without notice thereof whose conveyance is first recorded.”

[conveyances]

A

RACE-NOTICE statute

= subsequent BFP (for value, w/o notice) who RECORDS FIRST prevails

(aka hipster snowflakes can be microagressive too)

Bar Refresher (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions