The Life Estate

Question 1

A Life Estate must be measured in _____ ______ _____ and NEVER in _____ _____ ______.

Answer 1

Explicit lifetime terms

Terms of years

Question 2

How is a LE like a proclamation of love?

Answer 2

You never want to tell someone, “I will love you for the next 10 years.” You always say, “I will love you for the rest of our lives.”

Question 3

O conveys to A.

A has a? A is known as a? O has a?

Answer 3

Life Estate

Life Tenant

Reversion

Question 4

What is a reversion?

Answer 4

A future interest in which at the end of a life estate, the estate reverts back to the grantor.

Question 5

How does a life estate differ from a life estate our autre vie?

Answer 5

Life estate is measured by the grantee’s life.

LE pur autre vie is measured by the life of someone other than the grantee

Question 6

O conveys: “To Madonna, for the life of David Letterman.”

Madonna has? O has? DL has?

Answer 6

Life estate pur autre vie.

O has a reversion.

DL has nothing

Question 7

O conveys: “To Madonna, for life.” Madonna then sells her entire interest to DL. Thus, DL has a? O has a? When?

Answer 7

DL has a LE pur autre vie

O has a reversion that kicks in at the end of MADONNA’s life

Question 8

A life tenant’s entitlements are rooted in the important doctrine of ______.

Answer 8

Waste

Question 9

A life tenant in entitled to all _____ uses and ____ from the land.

Answer 9

Ordinary

Profits

Question 10

What may a life tenant (generally) not do to the property?

Answer 10

Commit waste

Question 11

What are the three types of Waste?

Answer 11

Voluntary, or affirmative

Permissible, or neglect

Ameliorative

Question 12

What is the general rule regarding voluntary waste and natural resources? (ignore exceptions)

Answer 12

The life tenant must not consume or exploit natural resources on the property.

Question 13

What are the four exceptions to the rule that a life tenant must not consume or exploit natural resources on the property?

Answer 13

PU: Prior use (if land was formerly used for exploitation)

R: Repairs (can consume resources for repairs and maintenance)

G: Grant (can exploit if granted that right)

E: Exploitation (if land is only suited for exploration, i.e., a quarry)

Question 14

Explain the Open Mines Doctrine.

Answer 14

If mining was done on the land before the life estate began, the life tenant may continue to mine BUT is limited to the mines already open.

Question 15

When does permissive waste (i.e., neglect) occur?

Answer 15

When the land falls into disrepair.

Question 16

Permissive waste: The life tenant must simply _____ the premises in reasonably good repair.

Answer 16

Maintain.

Question 17

The life tenant is obligated to pay all ordinary taxes on the land, to the extent of income or profits from the land. If there is NO income or profit, the life tenant is required to pay all ordinary taxes to the extent of the _____ ______ ______ _______.

Answer 17

Premises fair rental value.

Question 18

What is the rule regarding ameliorative wasted?

Answer 18

A life tenant must not engaged in acts that will enhance the property’s value UNLESS all future interest holders ARE KNOWN AND CONSENT.

Question 19

What is the purpose of the rule against ameliorative waste?

Answer 19

Meant to honor sentimental value.

Question 20

If held by O, the life estate’s accompanying future interest is known as a _______. If held by a third party, it is a _______.

Answer 20

Reversion

Remainder