Ownership

Question 1

Virginia does not recognize the Fee Tail

Answer 1

The fee Tail is now converted by Statute to the free simple absolute

Question 2

In Virginia, every future interest is

Answer 2

Fully alienable

Question 3

VA Reversionary Interest (life Estate)

Answer 3

In Virgina, a reversion interest automatically becomes possessed when life estate comes to an end

Question 4

What are the 2 future interests that follow a life estate ?

Answer 4

1) Reversion = Grantors interest
2) Remainder interest = 3rd party’s interest

Question 5

VA Possibility of Reverter (FSD) (A FSD is “so long as”)

Answer 5

In Va a holder of reverter has 10 years to claim the property

Question 6

VA Right of Reentery

Answer 6

In va a holder of right of reentry has 10 years to claim property

Question 7

Grantors interest in FSD

Answer 7

possibility of reverter

Question 8

Grantors interest in FSSCS

Answer 8

Right of reentry

Question 9

Contingent Remainder VA

Answer 9

a contingent remainder that did not vest by end of preceding estate is destroyed automatically- Virginia has repealed that rule by statue

Common law would destroy remainder interest if it did not vest by end of preceding estate
Instead of destroying the vested remainder virginia creates an executory interest for the contingent remainder holder until the contingency occurs

Note the property would revert back to whoever has the reversionary interest and that reversionary interest would remain subject to the executory interest. If the condition is satisfied then it goes to the third party, if not it says with whoever has the reversionary interest in fee simple absolute ‘

Question 10

Remainder

Answer 10

• future interest in third party that can become possessory immediately upon the natural termination of preceding estate

Question 11

A remainder is contingent remainder if

Answer 11

Identity of holder of remainder is not known (o to a for life, then b’s heirs); or

Identity of holder is dependent on some event that has not occurred (o to life, then B if he reaches 25)

Question 12

The Rule in Shelly’s case abolished in VA

Answer 12

The rule in Shelley’s case prevented a grantor from creating contingent remainders in heirs of grantee and would instead give a life estate (o to A for life then A’s heirs) at common law A got FSA via rule in Shelley’s case.

Under Virginia’s rule the conveyance works exactly as O intended, A gets a life estate and the heirs have contingent remainders

Question 13

Doctrine of worthier title abolished in VA

Answer 13

The doctrine of worthier title converted any remainder in grantor’s heirs to a reversion in the grantor
Va has abolished this rule so if O to A for life, then to O’s heirs. A has a life estate; o’s heirs have contingent remainders.

Whereas the NON va rule would say the heirs has the reversion interest, Va says they have remainders

Question 14

RAP

Answer 14

VA has passed the uniform statutory rule against perpetuities
A future interest is valid if it either

1) passes the common law rule against perpetuities; or
2) Actually vests or lapses within 90 years after creation

Question 15

What is the 3rd party interest in a FSD or FSSCS

Answer 15

Executory interest= this is what RAP applies to

Question 16

What are the 2 future interests that follow a life estate ?

Answer 16

1) Reversion = Grantors interest
2) Remainder interest = 3rd party’s interest

Question 16

Grantors interest in FSSCS (condition)

Answer 16

Right of reentry

Question 17

Grantors interest in FSD (so long as)

Answer 17

possibility of reverter

Question 17

What do you need to created a Joint Tenancy with rights to survivorship ?

Answer 17

PITT
Possession
Same interest
Same Time
Same Title

Question 18

What happens if a member of Joint Tenancy conveys interest ?

Answer 18

A tenancy in common is created

(if more than 2 people then just that share will be a tenancy in common)

Question 19

In Virgina, what happens if one joint tenant kills another ?

Answer 19

If a joint tenant kills another tenant through murder or voluntary manslaughter, the tenant who does the killing is treated as predeceasing the victim.

The effect of this is that the joint tenant who was actually killed gets the benefit of automatic survivorship and the devisee/heir of that joint tenant gets the entire property interest.

This rule also applies to tenancy by the entirety

Question 20

Tenancy by the entirety

Answer 20

1) Can only be between married people
2) Prevents alienation of property or transfer without consent of other tenant
3) Automatically ends at divorce and converts to tenancy in common

Question 21

IN Virginia, a Tenancy by the entirety

Answer 21

The grant does not have to include express language to create a tenancy by the entirety

Although it automatically includes a right to survivorship

Question 22

In Virginia, a co-tenant who makes repairs or improvements

Answer 22

Can require reimbursement by other co-tenant upon partition

Question 23

In MBE land, a co tenant can

Answer 23

1) contribution for taxes/mortgage (however, if one tenant is living on property they can only seek amounts over market value

2) Share rents and profits on land

3) Seek contribution for necessary improvements unless they increase rents of profits

Question 24

In MBE land, a co tenant cannot

Answer 24

1) Seek contribution for repairs unless they are necessary

2) Demand rent from co- tenant who is living on land