W6 VOCAB

Question 1

Possessory (present ) estate-

Answer 1

an interest in property that includes, as at least one of it’s priviliges, the right to the current possession of the property.

Question 2

Future estate (or interest)-

Answer 2

A property interest that will not accrue until a later date or upon the occurrence of a prescribed event. Whenever a grantor transfers an estate of lesser quantum that grantor retains this type of interest.

Question 3

Alienable-

Answer 3

able to be transferred to new ownership; passing during the life of the holder

Question 4

Devise-

Answer 4

transfer by will;

Question 5

Descendible-

Answer 5

(of property) able to be inherited by a descendant.

Question 6

Freehold estate-

Answer 6

This type of estateis a right of title to land that is characterized by two essential elements: immobility, meaning that the property involved is either land or an interest that is attached to or has been derived from land, and indeterminate duration, which means there is no fixed duration of ownership

Question 7

Possibility Reverter-

Answer 7

Right under which title to land automatically returns to a grantor when certain conditions are met. (future interest)

Question 8

Reversion-

Answer 8

A future interest in property that reverts back to the original grantor upon occurrence of a future event or termination of the current holder’s tenancy.

Question 9

Remainders-

Answer 9

A future interest in real property that becomes a present interest when the holder of a life estate dies.

Question 10

Executory interests-

Answer 10

An interest in real property that will vest upon the occurrence of one or more specified conditions and that will terminate an existing estate upon vesting.

Question 11

Heirs (at law)-

Answer 11

Persons entitled to receive property of an intestate decedent under a state’s laws of descent and distribution.

Question 12

Estate-

Answer 12

The amount and type of interest that an individual has inreal propertyis called this. This interest in land is presently possessory or may become possessory in the future.

Question 13

Holographic Will:

Answer 13

a will unwitnessed and in her testator’s handwriting; generally prepared without lawyer

Question 14

Seisen-

Answer 14

The ownership of a freehold estate, which is obtained through possession of the estate and title to the same.

Question 15

Quiet title-

Answer 15

An action to settle competing claims of ownership over the same property.

Question 16

Issue-

Answer 16

a lineal descendant

Question 17

Vested Remainders

Answer 17

A remainder is vested when: First it is granted to a person who (A) is born, and (B) whose identity is presently ascertainable. Second, there must be no conditions precedent to the complete vesting of rights in the remainderman.

Question 18

Contingent Remainders

Answer 18

A remainder is this whenever it fails to meet one of the two requirements for a vested remainder.

ex. created in favor of some one unborn, a future event that must have to take place

Question 19

Executory Interest

Answer 19

a future interest, held by a third person [that is not a grantor], that either cuts off another’s interest [before its natural expiration] or begins after the natural termination of a preceding estate.

Question 20

Vested remainder subject to complete divestment/defeasance

Answer 20

A future interest that has vested, but which may be destroyed by an event that could occur after the vesting of the interest but before the interest becomes possessory.

Question 21

Vested Remainder Subject to Open (Partial Divestment)

Answer 21

This type of Vested Remainderman will receive the interest but will share with other class members.