Real Property: Life Estates Flashcards
Words That Create Fee Simple Absolute
Conveyances that are ambiguous are considered fee simple by default. At common law words such as “and heirs” were needed.
What is a defeasible fee?
Ownership of possibly infinite duration that may terminate by the occurence of an event.
What is a fee simple determinable?
Present interest that terminates upon the happening of a stated condition, such that upon that happening of the condition, full ownership is returned to the grantor.
Words that create a fee simple determinable
Words of duration, like “so long as” and “until.”
What is a possibility of reverter?
The interest that the grantor has in the fee simple determinable since it will automatically revert to him upon the happening of the stated condition.
How alienable is possibility of reverter?
It is freely alieanble by the grantor during his lifetime and upon his death.
What is a fee simple subject to condition subsequent?
Present fee simple that will end upon the occurrence of a condition.
What language creates fee simple subject to condition subsequent?
Language like “provided that,” “on condition that,” “but if.”
How alienable are fee simple determinables and fee simples subject to condition subsequent?
They are freely alieanble by owner during life and death and are devisable and descendible.
How is a fee simple subject to condition subsequent terminated?
The grantor has to affirmatively demonstrate intent to terminate. (Termination of fee simple determinable, in contrast, is automatic.)
What happens if language in conveyance is ambiguous b/t fee simple determinable v. condition subsequent?
Courts will generally adopt preference for condition subsequent.
What is a right of entry?
Also called right of re-entry or power of termination, this is right grantor to terminate fee simple subject to condition subsequent. Usually devisable and descendible but can’t be transferred during owner’s lifetime.
What is a fee simple subject to an executory interest?
Present fee simple limited by conditional or durational language and upon the occurrence of the condition the title will go to a third party.
What is an executory interest?
The interest held by a third party in a fee simple subject to an executory interest.
What is a fee tail?
Freehold estate that limits estate to grantor’s blood descendants through specific words–has been eliminated in most states, where it is instead treated as a fee simple absolute.
What is a life estate?
A present possessory estate limited in duration by life?
How is a life estate created?
There must be clear language that measures the terms in the length of a life.
What is a reversion?
The interest that the grantor or remainderman has in a life estate in the instance where the person dies.
How alieanble is a life estate?
Fully transferrable during the life of the person by whom the life estate is measured.
What rights and obligations does a life tenant have?
The rights of possession, to all rents and profits during possession, to lease, sell, or mortgage property. Has to pay ordinary taxes on land an interest in mortgage if property can produce income and, if it can’t, taxes and mortgage interest to the extent of the reasonable rental value of the land.
How is a life tenant limited by the doctrine of waste?
Have to deliver property in essentially same condition it was when they got it. At common law life tenants could not do a ameliorative waste, but now it is permissible in some instances.
What is a remainder?
A reminder is the future interest a grantee gets that becomes possessory upon the expiration of a possessory estate.
What is a vested remainder?
A remainder not subject to any conditions precedent that is created in an ascertainable grantee.
What is a vested remainder subject to open?
A class of unspecified persons whose number and identity and share of interest is determined by the future. At least one grantee must have vested remainder at time of conveyance.
