Property: Estates in Land

Question 1

Types of Freehold Estates

Answer 1

(1) FSA
(2) FSD
(3) FSSCS
(4) FSSEI
(5) Fee Tail
(6) Unclear grants

Question 2

Future interests of Freehold Estates

Answer 2

(1) FSA: grantee
(2) FSD: POR in grantee
(3) FSSCS: ROE in grantee
(4) FSSEI: Executory Interest

Question 3

Duties of a life estate tenant

Answer 3

(1) maintain property in reasonable state of repair
(2) pay interest on mortgage to extent of profits derived from property
(3) pay all ordinary taxes

Question 4

Executory interest vs. Remainder

Answer 4

EI: a future interest in a third parson that cuts short the previous estate before it would otherwise “naturally” terminate
Remainder: follows naturally from previous estate

Question 5

Vested Remainder

Answer 5

Requires an ascertainable person who will automatically take at the natural termination of the previous estate; there can be no conditions precedent.

Question 6

VRSTO

Answer 6

Requires a remainder that has been made to a class and has at least one member who is ascertainable and who has satisfied any conditions precedent. (VRSTOs close when the class can no longer be added to)

Question 7

Voluntary waste

Answer 7

a voluntary act that has an injurious effect on the property.
Natural resources may be consumed if: (1) for repair, (2) allowed by grantor, or (3) presumed okay under open mines

Question 8

Permissive Waste

Answer 8

A failure to maintain (applies to property, mortgage payments, taxes)

Question 9

Ameliorative Waste

Answer 9

Waste of making improvements.
Improvements allowed if: (1) the market value of the remainder interest is not impaired, and either (2) the act is permitted by remainder men or (3) a substantial and permanent change has deprived the property of a reasonable current value.

Question 10

Rule Against Perpetuities applies to . . .

Answer 10

(1) options to purchase land;
(2) rights of first refusal;
(3) powers of appointment;
(4) interests that are not fully vested at the time of creation (VRSTO, CR and EI)

Question 11

Rule Against Perpetuities does not apply to . . .

Answer 11

(1) Present possessory estates;
(2) charitable trusts;
(3) interests that are fully vested

Question 12

How should you approach an RAP problem

Answer 12

(1) Identify the interests involved
(2) Identify the lives in being
(3) Determine whether the interest will vest of rail within 21 years of the life/lives
(4) treat the part of the gift that violates the RAP as void

Question 13

TBE requires unity of

Answer 13

Time, title, interest, possession, person

Question 14

JT requires unity of

Answer 14

Time, title, interest, possession

Question 15

TIC requires unity of

Answer 15

Possession