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Real Property > RP: Estates - Freehold > Flashcards

RP: Estates - Freehold Flashcards

1
Q

Freehold Estates

A

Fee Estate– FS or FT.
Life Estate
Fee Simple - Absolute or Defeasible.
Fee Tail

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2
Q

Fee Simple Absolute

A

To A and his heirs

Lasts forever

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3
Q

Fee Simple Defeasible

A

FS Determinable
FS on Condition Subsequent
FS Subject to Executory Interest

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4
Q

FS Determinable

A

“So Long as” or “Until”
Future Interest: Possibility of reverter
Created in Grantor
Automatic

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5
Q

FS on Condition Subsequent

A

“Condition” or “re-entry”
Future Interest: Right of (re)entry or power of termination
Created in Grantor
Requires Action

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6
Q

FS Subject to Executory Interest

A

“So long as” “until” …. then to___.
Future Interest: An executory interest
created in another grantee.
Automatic.

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7
Q

Adverse Possession of Defeasible estates
Eg. A has a defeasible fee estate and violates condition. However, Grantor does nothing to retake possession, and A remains in possession for an additional ten year (AP period). Does A now own the land in FS absolute?

A

Yes if A had a fee simple determinable (she’s there illegally)
No if A had a fee simple on condition subsequent.

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8
Q

AP

A

Someone has to be on your land illegally for the AP period (usually 10 years).

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9
Q

Precatory Language

Eg. To my church for use as a church building

A

Gives the church a fee simple absolute not a defeasible.

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10
Q

Applying RAP to executory Interests that follow FS defeasibles

A

If there is no time limit within which an executory interest must vest or fail, it is void

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11
Q

Applying RAP

1. To A, but if liquor is ever sold on the property then to B

A

VOID under RAP. A has a fee simple absolute

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12
Q

Applying RAP

2. To A so long as no liquor is ever sold on the property, and if it is, then to B.

A

VOID under RAP

A has a fee simple determinable and Grantor has possibility of reverter

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13
Q

Applying RAP

3. To A, but if A personally sells liquor on the property then to B

A

Good under RAP

Time is measured by A’s life.

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14
Q

Applying RAP

4. To A, but if liquor is sold on the property within the next 20 years, then to B.

A

Good under RAP

G/R: Fixed time is under 21 years

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15
Q

Applying RAP

5. To A, but if liquor is sold on the property during A’s lifetime or within 20 years after A’s death, then to B.

A

Good under RAP

Can take fixed time and tack on to measuring life as long as less than 21 years.

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16
Q

Fee Tail

A

Magic Words: To A and his heirs of his body

Today considered a fee simple absolute

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17
Q

Life Estate

A

Measured by human life.

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18
Q

Life Estate:

To A for life

A

A is measuring life and A owns LE. Most common

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19
Q

Life Estate

TO A for life of B

A

B is measuring life. A has an estate for the life of another.

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20
Q

Life Estate

To A for life. Later by new deed A conveys her interest to B. What does B have?

A

B has life estate. A is still the measuring life though.

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21
Q

Waste

A

P may be a holder of a FI (usually following a LE) or a holder of mortgage of property
Remedies: damages or injunction

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22
Q

What type of Waste: A chops holes in walls of house?

A

Voluntary waste – done intentionally.

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23
Q

What type of Waste- A allows leaks in the roof to get so serious that the timbers rot?

A

Permissive Waste

**how much care is required: Reasonable measure to prevent damage by the elements.

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24
Q

What type of Waste - A fails to pay the property taxes or the interest on a mortgage?

A

Financial Waste

Taxes: LE must pay up to property’s rental value.
Mortgages: LEs must pay interest; the holder of FI must pay principal.

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25
Q

What type of Waste - A removes a house which has become obsolete because of neighborhood changes, and replaces it with a warehouse which has greater value?

A

Ameliorative Waste- good waste which benefits the value of the property.

26
Q

Ameliorative Waste

A
  1. Neighborhood or surroundings must have changed, making present use infeasible.
  2. Building must be replaced with having equal or greater value.
27
Q

Future Interests

A
  1. Possibility of Reverter
  2. Right of Entry
  3. Reversion
  4. Remainder
  5. Executory Interest
28
Q

FI: Possibility of Reverter

A

Follows a FS Determinable. Grantor has FI

“To A and her heirs so long as property used as church.”

29
Q

FI: Right of Entry

A

Follows a FS Subject to Condition. Grantor has FI.

30
Q

FI: Reversion

A

Follows any other interest given by Grantor which is of lesser duration than he or she owns. Grantor has Future Interest
Eg. To A for life. To A for ten years.

31
Q

FI: Remainder

A

Granted in someone other than Grantor. Is older type–rules:

  1. Created at same time and same instrument as prior estate
  2. Prior estate(s) must be life estate(s).
  3. Doesn’t cut short the prior estate(s).
  4. There may not be a “built-in” time gap between prior estate and FI.
32
Q

FI: Executory Interest

A

Granted in someone other than Grantor. Is catch-all– which doesn’t meet Rem. rules.
Two Types:
1. Shifting: two grantees (A to B)
2. Springing: one grantee (O to A)

33
Q

FI: Remainders - Two Types

A 
A remainder can be
1. Vested, or
2. Contingent
It is contingent if either:
(a) the taker is unascertainable or
(b) there is an expressed condition precedent.
34
Q

Vested and Contingent Rems:

To A for life, then to A’s firstborn child.

A

Contingent until A has a child born, then becomes vested.

35
Q

Vested and Contingent Rems:

To A for life, then to A’s children.

A

Contingent until A has at least one child born, then becomes vested subject to “open.”

36
Q

Vested and Contingent Rems:

To A for life, then to B’s children.

A

When A dies, if B has any children, we close the class and give possession to the children born so far. Any later born kids get nothing.

37
Q

Rule Against Perpetuities (RAP) applies only to:

A
  1. Contingent remainders
  2. Executory Interests
  3. Class Gifts
  4. Options to buy land *
  5. Rights of first refusal to buy land*
    * Unless held by a lessee under a lease, and not separated from the leasehold interest.
38
Q

RAP Does not apply to:

A

Vested remainders (unless to a class) or any FI created in a grantor

39
Q

RAP States:

A

A FI covered by RAP is VOID unless it is CERTAIN to Vest or Fail within 21 years after some life in being

40
Q

RAP:

To A for life, then to B for life if and when B ever passes the bar exam, then to C.

A 
B has contingent remainder, since it is subject to a condition when is it going to vest or fail? In his lifetime. SO it's VALID under RAP.
C has vested remainder and its not to a class so RAP has no effect on it.
41
Q

RAP:
To A for life, then to A’s eldest surviving daughter for her life, then to the Red Cross if and when it ever affiliates with the United Way.
Assume A is alive with two daughters

A

Daughter has a contingent remainder. Since we don’t know which one will become the eldest surviving daughter the identity is UNASCERTAINABLE. Certain to vest or fail when A dies–so VALID.
Red Cross has contingent but no time limit. SO ITS VOID. Goes back to Grantor and has Reversion after daughter dies.

42
Q

Transferability of FI through deed, will, intestate

A

Yes, you can transfer FI in any way. In CL you couldn’t but 40 out 50 states say you can transfer FI in all three ways.

43
Q

Uniform Statutory RAP

A

Adopted by most states
When you get FI in which RAP applies to – do the CL analysis first –if it’s good then Ok. IF not, then you see if the FI actually vests or fails within 90 years. (wait and see rule)

44
Q

RAP:

To Cancer Society, but if it ever ceases to support cancer research, then to the Heart Fund.

A

Two Charities Rule: (all the interest go to the charities). The Heart Fund’s Exec. Int. is VALID.

45
Q

Restraints on Alienation

A

A restraint on alienation is a provision that prevents an owner from transferring his or her interest in land. (don’t confuse with restraints on USE)

46
Q

Three Types of Restraints

A
  1. Forfeiture Restraint
  2. Promissory Restraint
  3. Disabling Restraint
47
Q

Rules on Restraints

A
  1. ALL Disabling restraints, on all kind of interests, are VOID, except in spendthrift.
  2. Forfeiture and Promissory are sometimes enforced if reasonable:
    (i) Interest is less than a fee simple
    (ii) the restraint is limited in time and number of persons affected
    (iii) The restraint has a reasonable purpose
    (iv) The land was conveyed for a charitable use.
48
Q

Concurrent Ownership

A

Two types:
(I) Tenancy in Common
(II) Joint Tenancy with Right of Survivorship
* We presume that tenancy in common is intended unless the grantor states it’s a joint tenancy w/ right of survivorship

49
Q

Joint Tenancy with Right of Survivorship

JT WROS

A

Unless you’re the survivor of the group then you cannot pass interest to anyone–your share terminates when you die.

50
Q

Tenants in Common

A

Can pass interests of your share.

51
Q

Four Unities of JT WROS

A
  1. Unity of Time
  2. Unity of Title
  3. Unity of Interest
  4. Unity of Possession (applies to both JTWROS and T/C)
52
Q

Severance

A

A conveyance of joint tenancy interest to an outsider converts that interest into a T/C.
The other party still retains JTWROS(that didn’t convey)

53
Q

Severance when mortgage is executed by one party in JTWROS

A

Yes, in a state following the title theory of mortgages.
No, in the a state following the lien theory of mortgages

*judgment liens from lawsuits also do not sever

54
Q

Does a lease to a tenant by one JTWROS sever

A

Majority: NO it does not sever–tenant has to move out
Minority: Yes it severs but the other party gets to live with Tenant.

55
Q

Rights between Co-tenants (either T/C or JT WROS)

A
  1. Do not have to pay for personal possession if the other party decides they don’t want to live there.
  2. Must give net rent profits if you rent out
  3. Have to pay for reasonable repairs and maintenance, taxes, mortgage, insurance (normal expenses)–NOT improvements
56
Q

Ouster

A
  1. When one party does not let the other one enjoy property–A kicks out B.
  2. A owes B one-half of the fair rental value of property
  3. SoL in adverse possession begins to run against B.
57
Q

Partition

A

A court splits up the cotenancy. It is always available to any T/C or JT WROS. Two Types:
1. Partition in kind– court places boundary separating the covenants.
2. Partition by sale– court orders sheriff to sell the property and divide the proceeds among the covenants
A partition can include accounting–to see what each party owes the other.

58
Q

Fiduciary Duty

A

Arises when one of the covenants buys the entire property at a forced sale for a bargained price. If one pays the other half of the low purchase price within a reasonable time. the other MUST place the title back in its original tenancy.

59
Q

Slayer Statutes

A 
If A illegally kills B -- in majority of states, the JT is deemed to be severed and A is not T/C. 
Some states(minority) go further and say A is deemed to have died first and therefore A has nothing and entire property goes to B's heirs.
59
Q

A conveyance that contains both durational language and a power of termination will likely be construed as?

A

It will likely be construed as creation a fee simple subject to a condition subsequent because the forfeiture is optional at the grantor’s election rather than automatic.

60
Q

Renunciation of life estate

A

If a life tenant who receives the estate by will or intestacy renounces his interest, the future interest following the life estate is generally accelerated so that it becomes immediately possessory

61
Q

O conveys “to A for life, then to B and his heirs; but if B dies Unmarried, then to C and his heirs”

A

B has a vested remainder subject to complete divestment by C’s executory interest

Real Property (5 decks)

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