Real Property 1-15 Flashcards
What is a Fee Simple Absolute?
A conveyance of absolute ownership of real property. The property is freely devisable, descendible, and alienable.
Priority: N/A
What is a Fee Tail?
A conveyance of real property to a person ANDtheir heirs.
*Most states have abolished fee tail ownership.
Priority: N/A
What is a Fee Simple Defeasible, and when is it created?
A conveyance of property that has conditions placed on it.
It is created when the grantor uses express conditional language to indicate that it will be terminated upon the occurrence/non-occurrence of an event or condition.
*Reserves a future interest in the property in favor of either the grantor or a third party.
Priority: Medium
What are the three types of
Fee Simple Defeasibles?
Fee Simple Subject to a Condition Subsequent – Grantor retains a right of re-entry if a specified condition occurs.
Fee Simple Determinable– Grantor retains possibility of reverter. Created when grantor uses words of duration.
Fee Simple Subject to Executory Interest – reserves a future interest in a third-party.
Priority: Medium
What is a Life Estate?
A conveyance of real property where a specified life-tenant is entitled to possession of the property during their lifetime.
Upon the life tenant’s death, the property transfers outright to another party (the remainderman).
Priority: N/A
Possibility of Reverter
vs.
Right of Re-entry
Possibility of Reverter: Creates a future interest of possession in the grantor if a specified condition occurs (property automatically vests to the grantor upon occurrence of the condition).
Right of Re-entry: Creates a future interest in the grantor, wherein the grantor has the right to re-enter and take the property if a specified condition occurs.
Priority: Medium
When does a restraint on alienation occur, and what are the three types that exist?
When the grantor attempts to restrict the alienability or transferability of the land.
The three types are: disabling, forfeiture, andpromissory restraints.
They are enforceable based on the interest conveyed and whether it’s reasonable.
Priority: Medium
Those with a Present Possessory Interest CANNOT commit waste to the property.
What are the three types of waste that exist?
Affirmative – intentional/negligent.
Permissive – failure to make repairs.
Ameliorative – change in use that affects value.
Priority: Low
Vested Remainder
vs.
Contingent Remainder
Vested remainder: A future interest in land that is given to an identifiable person with NO conditions.
Contingent remainder: A future interest in land that is conditioned upon the occurrence (or non-occurrence) of a specific event.
*In most jurisdictions, a future remainder interest is devisable and passes to that person’s heirs.
Priority: N/A
What is Tenancy in Common?
The default estate created by a conveyance/bequest of real property to two or more people, unless:
There is express language stating that the parties have survivorship rights (joint tenancy); OR
If the conveyance stated “as husband and wife” (creating a tenancy by the entirety).
*Each tenant has an undivided interest and the right to use and enjoy the property.
Priority: N/A
What Four Unities must be present for a Joint Tenancyto be created?
The unity of time;
The unity of title;
The unity of interest; AND
The unity of possession.
There must be clear and express intent to create a joint tenancy.
Priority: HIGH
Under what circumstances can an out-of-possession co-tenant collect rent from an in-possession co- tenant (who is in exclusive possession of the property)?
When:
There is an agreement stating as such; OR
The co-tenant seeking rent was wrongfully ousted.
Priority: Medium
Is a co-tenant entitled to reimbursement for the costs of necessary repairsthat the co-tenant paid for?
Yes, UNLESS there has been a wrongful ouster.
The amount is determined by the % share each co-tenant owns in the property.
Priority: Medium
When does an ousteroccur?
When a co-tenant excludes another co-tenant from possessing the property (the party wrongfully excluded may bring an action to recover possession and damages).
*All co-tenants have equal rights to possess the entire property.
Priority: Low
When is a co-tenant entitled to reimbursement from other co-tenants for improvements made to the property?
ONLY IF there is a separate agreement stating as such.
BUT, if the property appreciated due to the improvements, only the improving co-tenant is entitled to the increase in value.
Priority: Medium
