Chapter 1: Ownership Flashcards
(17 cards)
What are the 4 different ways that a property can be transferred?
- Sale
- Gift
- Devise (transferring by will)
- Intestate succession
When are gifts in a will effective?
They become effective once the decedent dies.
Example of intestate succession
Oliver dies w/o a will; he is survived solely by his wife Anna who is her heir at law and she gets his property
What is a heir?
a person who survives the decedent and takes by intestate succession
Ownership interests are divided in time between ?
present interests and future interests
The key distinction of ownership interests is timing of ?
Possession
Oliver transfers Blackacre to “Anna for life, then to Ben.” Who has the right to possession presently & in the future?
- Anna has the present possession
- Ben has the right to possession in the future
What is the largest possessory estate?
Fee simple
Fee simple is capable of?
lasting forever
How can fee simple be transferred?
Upon the owners death, the owner can pass it by will or by intestate succession; it can also be transferred by gift or sale during the owners life
Creating a fee simple
Look for the magic words: “and his/her heirs” (keep in mind these words are not required: O to A and O to A and her heirs are the same thing now)
If a grant of property is ambiguous, it is presumed to be?
Fee simple
Oliver conveys Blackacre to “Anna forever.” What does Anna have?
Fee simple absolute
What is the default estate?
Fee simple absolute
Words of intent and purpose do not always convey that someone has ?
Fee simple absolute
Oliver conveys Blackacre to “Anna, my hope and wish being that on her death, Anna will give the property to her son, Ben.” What interest does Anna have? What interest does Ben have?
- Anna has fee simple
- Ben has nothing
Which of the following would most likely NOT create a fee simple?
A) “To P”
B) “To P and his heirs”
C) “To P for life”
D) “To P in hopes that she gives the land to F upon her death”
C) To P for life
