Section #5: Estates and Future Interests

Question 1

Define: Heirs

Answer 1

Those that receive the property who dies interstate

Question 2

Interstate: define

Answer 2

a decedent dies interstate if they die without a will

Question 3

Alienable:

Answer 3

It can be sold or given away

Question 4

Devisable:

Answer 4

It can be transferred at death

Question 5

Descendible define

Answer 5

It can pass by the laws of interstate succession without a will

Question 6

Three parts of words of conveyance

Answer 6

Words of purchase: Designates the grantee. Words of limitation: Designate the estate
Words of duration: determines the fee simple type

Question 7

Four types of Present Possessory Interests

Answer 7

Fee simple, Life estate, fee tail, Defensible fees

Question 8

Fee Simple Absolute: define

Answer 8

Potentially last forever, as long as successive owners have heirs. Alienable, Devisable, Descendible

Question 9

Life estate define

Answer 9

Meausred by lifespan. When person dies, the estate terminates. Can be alienable

Question 10

Waste:

Answer 10

An abusive use of property by one in rightful possession.

Question 11

Three types of waste

Answer 11

Voluntary waste, Permissive Waste, Ameliorative Waste

Question 12

Voluntary waste: define

Answer 12

Results from affirmative act that significantly reduces the value of land. (demolishing valuable house)

Question 13

Permissive Waste

Answer 13

Results from FAILURE to take care of land

Question 14

Ameliorative waste

Answer 14

An affirmative act that leads to a substantial change and increase in value of the property.

Question 15

Fee Tail

Answer 15

Conveyance to a named person and “heirs of his body”- upon death the land goes until bloodline ends.

Question 16

The three types of defensible fees

Answer 16

Fee simple determinable. Fee simple subject to condition subsequent. Fee simple subject to executor limitation

Question 17

Fee simple determinable

Answer 17

A fee simple that auto ends when a certain event or condition occurs, giving the right of possession back to the transferor. So long as, until, during.

Question 18

Fee simple subject to condition subsequent

Answer 18

A fee simple estate created in a transferee that MAY BE TERMINATED AT THE ELECTION OF THE TRANSFEROR when a condition or event occurs.

Question 19

Fee simple subject to executory limitation

Answer 19

Estate created in a transferee that is followed by a future interest in another transferee, so interest is held by a third party.
O conveys “to G and her heirs so long as Alaska does not secede from the US, then to M and her heirs”

Question 20

Three types of restraints

Answer 20

Disabling restraints, forfeiture , promissory

Question 21

Disabling restraints:

Answer 21

a restraint that prevents the transferee from transferring her interest

Question 22

Forfeiture restraint

Answer 22

A restraint that leads to a forfeiture of title if the transferee attempts to transfer her interest

Question 23

Promissory interest

Answer 23

A restraint that transferee promises not to transfer her interest

Question 24

Types of future interests retainded by the transferor

Answer 24

Reversion, possibility of reverter, right of entry

Question 25

Reversion

Answer 25

Transferor conveys a smaller vested estate then the one she has.
O, the owner of a fee simple absolute title to a parcel of land conveyed it to “A for her life”
1. O holds a reversion and gets it back if A dies first.

Question 26

Possibility of reverter

Answer 26

Future interest retained by the transferor who holds a fee simple determinable.

Question 27

Right of entry

Answer 27

Future interest by transferor who holds a fee simple absolute but conveys a fee simple subject to condition subsequent

Question 28

Types of future interests created in a transferee

Answer 28

Remainder, (vested and contingent)

Question 29

Four types of reminaders

Answer 29

Indefeasibly vested remainder, vested remainder subject to divestment, vested remainder subject to open and contingent remainder

Question 30

Indefeasibly vested remainder

Answer 30

Becomes possessory upon termination of prior estate

Question 31

vested remainder subject to divestment

Answer 31

Has a subject to condition subsequent

Question 32

Vested remainder subject to open

Answer 32

Held by one of more of a group that may enlarge in time

Question 33

Contingent remainder

Answer 33

Owned by a person that doesn’t exist or isn’t ascertainable.

Question 34

What is an executory interest?

Answer 34

Opposite of reminder; a future interest must divest to another interest to become possessory.
a. O conveys Blackacre to “A for life, then two years later, to B”

Question 35

Shifting execuory interest

Answer 35

Cuts short the estate in another transferee

Question 36

Springing exc. INterest

Answer 36

Cuts shorts the estate in the transferor

Question 37

Rules against Perp

Answer 37

a. No interest is good unless it must vest, if at all, no later than 21 years after some life in being at the creation of the interest.