Property midterm 2

Question 1

What are the two remainder interests?

Answer 1

Vested or Contingent

Question 2

What are the two interests retained by the transferee?

Answer 2

Remainder interest and Executory interest.

Question 3

When is a reversion created?

Answer 3

A reversion is created when an owner in fee simple transfers an estate that will end, and does not provide for a third party to take the property when the granted estate ends.

Question 4

If O grants A a life estate, and A transfers to B for the course of A’s life, does O have a reversionary interest?

Answer 4

Yes, because they gave a life estate of autre vie which is less the what O has.

Question 5

If I has a fee simple and transfers to A a fee simple determinable, does I have a reversion.

Answer 5

Not a reversion but does make a reversion interest in the grantor if Fee simple determinable ends.

Question 6

Can there be a remainder if there is a mandatory gap between the end of a proceeding state and the beginning of another?

Answer 6

No

Question 7

What are remainders interested in?

Answer 7

These are created only in the transferee.

Question 8

Do remainders cut short/divest other interest?

Answer 8

No

Question 9

What are the three parts of a vested remainders?

Answer 9

Remainder is born, is ascertainable, and there is no express condition precedent to the holder of the remainder being able to take possession upon the termination of the preceding estate.

Question 10

Vested means?

Answer 10

At some point in the future it passes through you.

Question 11

To A for life and then to B and her heirs.

Answer 11

Indefeasibly vested remainder

Question 12

What are remainders left in favor to a class of individuals?

Answer 12

Vest Remainder Subject to Open (sometimes called subject to partial divestment)

Question 13

How is a class vested and open?

Answer 13

One is alive and a member and there is no unmeet conditions and it’s open when people are still allowed to join.

Question 14

To A for life and B’s children. One kid is alive and B is alive.

Answer 14

Vested subject to open.

Question 15

Vested remainder subject to complete divestment?

Answer 15

A remainder to born or open class? Subject to an occurrence or non-occurrence. The condition comes after vesting

Question 16

If the condition is built into the same clause that vests the interest. What is it?

Answer 16

It is contingent

Question 17

If there is a clause after the condition WITH A COMMA

Answer 17

It is vested remainder subject to complete divestment. It is not contingent and it doesn’t go with the rule of P.

Question 18

What allows future events to determine the question of whether the future interest vests at all?

Answer 18

Contingent Remainders

Question 19

How is a remainder contingent?

Answer 19

given to an unborn person, unascertained person (to the govern of Illinois ex) and it is subject to an express condition precedent.

Question 20

To O for life and then to B and her heirs if B out lives O.

What remainder?

Answer 20

Contingent. It could go to b or back to O if B dies.

Question 21

What divests or cut shorts the preceding interest (shifting)

Answer 21

Executory interests

Question 22

What does Shifting executory interest pair with/proceed?

Answer 22

Vested remainder subject to complete divestment

Question 23

This interest divested must be that of a transferee and not of the grantor

Answer 23

Shifting Executory interest

Question 24

O conveys land to A for life and upons A death to B and his heirs, But if C marries D then to C and her heirs

Answer 24

Vested remainder subject to complete divestment with a shifting executory interest.

Question 25

What divest grantors?

Answer 25

Springing Executory interest

Question 26

A for life, then to B and their heirs only when B gives A a funeral

Answer 26

Its springing bc Before B gives A a funeral the land goes reverts back to the grantor and springs to B once the funeral is given.

Question 27

Grays Formula for the RAP

Answer 27

No interest is good unless it must vest, if at all not later than 21 years after some life in being at the creation of the interest

Question 28

how long can property be tied up?

Answer 28

For the duration of a life plus 21 years after the death

Question 29

What is the key to RAP

Answer 29

You must be able to prove that it will either vest or fail within 21 years of a life in being at the creation of the interest.

Question 30

Validating life?

Answer 30

The person that alive at the time of conveyance, who life can be the measuring rod.

Question 31

What are some rules of RAP (3)

Answer 31

1) It doesnt apply to any future interest retained by the transferor
2) It does not apply to indefeasibly vest remainders
3) it does not apply to vested remainders subject to complete divest

Question 32

What does RAP apply to?

Answer 32

Contingent reminders, executory interests, and vested subject to open.