Ownership of Real Property Flashcards
What is the language for a fee simple absolute?
“To A” or “To A and his heirs”
What is the future interest for a fee simple absolute?
There is no future interest
What is the language for a fee simple determinable?
Durational language, “so long as” “during” and “until”
What is the future interest for a fee simple determinable?
Grantor’s possibility of reverter or a third party’s executory interest
What is the language for a fee simple subject to condition subsequent?
Conditional language such as “but if” “provided that” and “unless”
What is the future interest for a fee simple subject to condition subsequent?
Third party’s executory interest or the grantor’s right of entry.
What is a defeasible fee?
A defeasible fee is an ownership interest in real property that has the potential to last forever but can be cut short if a specified event or condition occurs.
What is a fee simple determinable?
A fee simple determinable is a defeasible fee created with durational language. Unless otherwise stated, it is presumed that the estate will automatically revert back to the grantor if the terminating event or condition occurs.
What are the two types of executory interests?
Shifting and springing
What is a shifting executory interest?
A shifting executory interest divests the grantee’s estate, such that the estate shifts from the grantee to the executory-interest holder.
What is a springing executory interest?
A springing executory interest divests the grantor’s estate such that the estate springs from the grantor to the executory-interest holder.
What is a fee simple subject to an executory limitation?
A fee simple subject to an executory limitation arises when title will pass to a third party upon the occurrence of a stated event or condition. The future interest that follows is a shifting or springing executory interest.
How can you acquire title by adverse possession?
Ownership of real property is transferred to a person who exercises exclusive, continuous, hostile and open possession of that property for a specified period of time.
What is exclusive possession?
Physical presence on land not shared with the owner.
What is continuous possession?
Presence is continuous and uninterrupted for statutory period of time.
