Real Property Flashcards
Define a fee simple absolute
absolute ownership with indefinite duration
1. “to A and his heirs…”
2. Characteristic: deivable, decenible and alienable
What are the three Defeasible fees
- Fee simple deteriminable
- Fee simple subject to conditoin subsequent
- Fee simple subject to executory limitation
Define Fee simple deteriminable
Terminates upon happening of stated event and automatically reverts to grantor
1. “to A for so long as…orduring…or until…”
2. Characteristics: devisable, decendible and alienable
3. Grantor retains a possiblity of reverter
Define Fee simple subject to conditoin subsequent
Can bet terminated by grantor upon happening of a stated event
1. “To A, upon condition that…or provdied that…or but if…or if it happens that…”
2. Characteristics: devisable, decendible and alienable
3. Grantor retains a right of entry or termination
Define Fee simple subject to executory limitation
Terminates upon happening of a stated event, then passes to a third party
1. “To A, but if stated event happens, to B”
2. Characteristics: devisable, decendible and alienable
3. Termination is automatic and future interest in third party
What are the two life estates
- Life of grantee
- Life estate pur autre vie
Define Life of grantee
- “To A for life…”
- Characteristics: a) creates reversion in grantor or remainder or executory interest in third party; b)Life tenant entitled to ordinary uses but cannot commit wastes
Define life estate paur autre vie
Measured by life other than grantee
1. “To A for life of B”
2. Characteristics: a) creates reversion in grantor or remainder or executory interest in third party; b)Life tenant entitled to ordinary uses but cannot commit wastes
Define three forms waste (in life estates)
- Affirmative or voluntary waste - actual overt conduct that decreases value of estate
- Permissive waste or neglect - failure to protect or preseve land
- Ameliorative waste - charnge that economically benefits property
What are the three future interests in grantor
- Possibility of reverter
- Right of entry
- Reversion
Define Possibility of reverter
Follows fee simple determinable
Define Right of entry
power to terminate follows a fee simple subject to condition subsequent
Define reversion
resulting interest when grantor transfers an estate lesser than grantor had
What are three future interests in grantee or thrid person
- Vested remainders
- Vested remainder subject to complete defeasance
- vested reminder subject to open
Define vested remainder
created in ascertained person and not subject to a condition precendent
Define vested remainder subject to complete defeasance
remainderman’s interest could be cut short by condition subsequent
Define vested remainder subject to open
remainder’s interest subject to diminution because additional, unascertained person(s) can qualifiy as class member
Define contingent remainders
created in unascertained person or subject to condition precendent, or both
What are the four elements of contingent remainders
- Rule of destructibility of contingent remainders
- Merger rule
- Rule in Shelley’s case
- Doctrine of Worthier Title
Define rule of destructibility of contingent remainders
destroy contingent remainder becuase gap between preceding and succeeding interest caused by existence of condition precedent
Define merger rule (contingent remainders)
destroy contingent remainder when one person acquires all present and future interests except contingent remainder
Define rule in Shelley’s case (contingent remainders)
remainder to only grantee’s heirs of a life estate in grantee not recognized; grantee takes in fee simple
define doctrine of Worthier Title (contingent remainders)
remainder in gerantor’s heirs becomes reversion in grantor
What is the rule against perpetuities (RAP)
certain future interests are void if there is any possibility that the interst may vest more than 21 years after the death of a measuring life
What are the four bright lines in the Rule Against Perpetuities?
- Fertile octogenarian - presuption that a person is fertile no matter his or her age
- Unborn widow - person’s widow is not determined until death, so a disposition to the issue of the widow violates RAP
- Class gifts - if interest of any class member may vest too remotely, whole class gift fails
- Charities - gift from one charity to another will not violate RAP
What are the three concurrent estates
- Joint tenancy
- Tenancy in common
- tenancy by the entirety
What are the four unities to create a joint tenancy
- time
- title
- interest
- possession + clear expression of right of survivorship
In joint tenancy, what happens when one co-tenant dies
his or her interest automatically passes to the surviving joint tenant(s)
In joint tenancy, is interest transferable, devisable or decendible?
Interest is transferable but not devisable or descendible
What are the two ways to terminate a joint tenancy
- Severance by inter vivos sale or conveyance
- Partition - voluntary, partition in kind, and forced sale
What is tenancy in common
- Each co-tenants owns an individual part, whith the right to possess the whole
- Interest is decendible, devisable, and transferable and no right of survivorship
- Presumption favors tenancy in common
What is Tenancy by the entirety
Marital estate that can be created only between married partners who share right of survivorship
What are the special protections granted to tenancy by the entirety
creditors of one spouse cannot reach the tenancy, and a unilateral conveyance by one is invalid
What are the six rights and duties of co-tenants
- Possession - each co-tenant has right to possess the whole but no right to exclusive possession of any part
- co-tenant in possession has right to retain prfits fron own use of the property but: a) must share net from third-party rent; b) must share net from net profits from exploitation of the land
- each co-tenant responsible for fair share of taxes or mortgage interest payments
- co-tenant who repairs is entitled to contribution for any reasonbly necessary repairs, so long as they have given notice
- co-tenant who has made improvements has no affirmative right to contribution unless there is a partition
- co-tenant must not commit waste
