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Property > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

Estates v. Non-Estates

A

(1) Estates: a right of possession (in the present)

2) Non-Estates: limited rights in land (& no possessory right

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2
Q

Estates (Types)

A

(1) Non-Freehold Estates: (a) fixed term; (b) Periodic; (c) at-will
(2) Freehold Estates: (a) divisible (by will); (b) descendible (by statute); (c) alienable (can sell)

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3
Q

Non-Estates (Types)

A

(1) Easements: the right to do something on someone else’s land
(2) Profit: the right to extract something form someone else’s land
(3) Covenant: promise relating to land
(4) Rent: the right to collect from those in possessopm

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4
Q

Present Estates (Types)

A

Freehold & Leasehold

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5
Q

Freehold Estates

A

(1) Fee Simple Absolute; (2) Life Estates; (3) Fee Tail; (4) Defeasible Fee (an interest w/a future interest attached - a fee that can be defeated)

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6
Q

Devisable

A

can it pass by will?

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7
Q

Descendible

A

will is pass by statute, if no will?

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8
Q

Alienable

A

can it be transferred during your life (inter vivos)?

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9
Q

Fee Simple

A
  • “To A and his heirs”
  • “To A” = FS absolute
  • Characteristics: (1) absolute ownership; (2) freely devisable, descendible, & alienable; (3) no accompanying future interest
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10
Q

FS Determinable

A
  • Words: “so long as”; “until”; “upon violation of condition”
  • Future Interest: possibility of reverter
  • Created by Grantor (has future interest)
  • Automatic
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11
Q

FS Subject to Condition Subsequent

A
  • Words: “on condition that”; “but if”; “w/a right to reenter”
  • Future interest: Right of Entry (must be specifically stated in grant)
  • Created by Grantor
  • action must be taken by Grantor
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12
Q

FS Subject to Executory Interest

A
  • Words: “So long as…”; “until…” + “and if not, then to B”
  • Future Interest: Executory Interest
  • Created by 3rd Party
  • Automatic
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13
Q

Future Interests

A
  • Created in GRANTOR: (1) Possibility of Reverter; (2) Right of Entry; (3) Reversion
  • Created in OTHER: (4) Remainder; (5) Executory Interest
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14
Q

Possibility of Reverter

A
  • follows a FS determinable - grantor has future interest

- ex: To A and her heirs so long as the property is used as a church building

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15
Q

Right of Entry

A
  • follows a FS Subject to Condition Subsequent - grantor has future interest
  • To A & her heirs, but if property is no longer used as a church, I may take it back
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16
Q

Reversion

A
  • follows any other interest given by grantor which is of lesser duration than he owns
  • ex: “to A for life” or “to A for 10 years”
17
Q

Remainder

A
  • follows a Life Estate (if certain rules are met)
  • RULES: (1) Creation: same time/instrument as prior estate; (2) prior estate = life estate; (3) must NOT cut short prior estate; (4) no time-gap
  • 2 Types: contingent & vested
18
Q

Contingent Remainder

A

(1) the taker is unascertainable; OR

(2) there is an expressed condition precedent

19
Q

Vested Remainder

A

taker is ascertainable, no conditions must be met

20
Q

Executory Interest

A
  • future interest created in someone other than the grantor
  • cuts off prior interest (unlike remainder)
  • 2 Types: Shifting Executory Interest & Springing Executory Interest
21
Q

Shifting Executory Interest

A
  • “to A until ___, and then to B”

- 2 interests: 1 present, 1 future, & shifts when condition violated

22
Q

Springing Executory Interest

A
  • “to A, to take possession on _____.”

- Grantor keeps interest until Grantee fulfills a condition then gets cut short

23
Q

Fee Tail

A
  • “To A and the heirs of her body”
  • Purpose: keep the land in the family indefinitely
  • DEAD now FEE SIMPLE ABSOLUTE
24
Q

Life Estate

A
  • “To A for life”

- A = measuring life, A owns the estate

25
Q

Life estate per autre vie

A

A has a life estate and passes his/her interest to B, A still = measuring life, B has life estate

26
Q

Waste

A
  • an obligation to maintain property for the future interest holder
  • RITA: Repair - Interest - Taxes - Assessments
  • Remedies: damages & injunction
  • Types: (1) Voluntary/Affirmative; (2) Permissive; (3) Financial; (4) Ameliorative
27
Q

Types of Waste

A

(1) Voluntary/Affirmative Waste
(2) Permissive Waste
(3) Financial Waste
(4) Ameliorative Waste

28
Q

Voluntary/Affirmative Waste

A
  • Intentional
  • Life tenants can ONLY continue normal use, ANY change = waste & life tenant is liable to holder of future interest
  • Open Mines Doctrine: depletion of natural resources is waste UNLESS normal use of land was to deplete them
  • sale of crop=/= waste

Permissive Waste; Financial Waste; Ameliorative Waste

29
Q

Permissive Waste

A
  • Must perform minimal maintenance (ex: prevent weather damage)
  • TO AVOID… MUST :
    (1) REPAIR - ordinary repairs, not replacement;
    (2) TAXES - Life tenant must pay, future inter holder must make sure it gets paid; tax sale severs;
    (3) INTEREST - life tenant pays interest on mortgage, future inter pays principle

Voluntary/Affirmative Waste; Financial Waste; Ameliorative Waste

30
Q

Financial Waste

A

(1) Taxes: Life tenant must pay up to property’s rental value
(2) Mortgage: Life tenant must pay interest, future pays principal

Voluntary/Affirmative Waste; Permissive Waste; Ameliorative Waste

31
Q

Ameliorative Waste

A

-Changes that IMPROVE the property need…
(1) Neighborhood changed, making present use
infeasible (made prop. relatively worthless)
AND
(2) building must be replaced with 1 having equal or
greater value

Voluntary/Affirmative Waste; Financial Waste; Permissive Waste

32
Q

Rule Against Perpetuities

A

Future interest covered by RAP is void unless it is certain to vest or fail to vest within the lifetime of everyone in the grant +21 years (void if does not comply)

CCREEPO:

  • Class Gifts (Vested Remainders Subject to Open)
  • Contingent Remainders
  • Executory Interests
  • Powers of Appointments
  • Options to Buy Land OR Rights of First Refusal to Buy Land

Property (6 decks)

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