Day 1 Flashcards
(86 cards)
What is needed to be categorized as a freehold (present) estate?
An estate must be: i. immobile and ii. for an indeterminate duration
What is fee simple absolute?
It is absolute ownership of potentially infinite duration, is freely alienable, and has no accompanying future interest.
What is a defeasible fee?
Ownership of potentially duration but may be terminated by the occurrence of an event.
What is fee simple determinable?
A present fee simple estate that is limited by specific durational language such that it terminates automatically upon the happening of a stated condition and full ownership of the property is returned to the grantor.
Is a fee simple determinable alienable, devisable, and descendible?
Yes, but it is always subject to the stated condition.
What is the possibility of reverter?
It is the grantors retained future interest
What is a fee simple subject to condition subsequent?
A present fee simple that is limited in duration by specific conditional language
What is a fee simple subject to executory interest?
A present fee simple estate that is limited in duration by either conditional language or durational language such that it will terminate upon the occurrence of the specified condition and title will pass to a third party
What is a fee tail?
A freehold estate that limits the estate to the grantees lineal blood descendants by specific words of limitation
What is a life estate?
A present possessory estate that is limited in duration by a life
What is life estate pur autre vie?
A life estate measured by the life of a third party
What is affirmative waste?
Affirmative (or voluntary) waste is the result of overt conduce that causes a decrease in the value of the property
What is permissive waste?
Permissive waste is the result of neglect, a failure to keep up the property, or a failure to reasonably protect the property.
What is tenancy in common?
Any tenancy with two or more grantees creates a tenancy in common. Equal right to possess or use property and no rights of survivorship exist
What is a joint tenancy
A joint tenancy exists when two or more individuals own property with the right of survivorship
What are the four unities for joint tenancy? (PITT)
Unity of Possession, unity of Interest, unity of Time, unity of Title
Does a tenancy in common require the same unities as a joint tenancy?
No, it just requires the unity of possession
What is a tenancy by the entirety?
Tenancy by the entirety is a joint tenancy between married persons with a right of survivorship
Does a tenancy by the entirety require the same unities as a tenancy by the entirety?
Yes, and adds a fifth unity of Person because tenants must be married when the deed is executed or conveyed
What is a future interest?
A future interest is an interest in presently existing property or in a gift or trust which may commence in use possession or enjoyment sometime in the future
What is a reversion?
The future interest held by the grantor who grants a life estate or estate for years but does not convey the remaining future interests to a third party
What is a possibility of reverter?
A possibility of reverter is automatically retained by a grantor when a fee simple determinable is conveyed
What is a right of reentry?
A right of reentry is a future interest held by the grantor after a fee simple on condition subsequent is granted
What is a remainder?
A future interest created in a grantee that is capable of becoming possessory upon the expiration of a prior possessory estate of known fixed duration that is created in the same conveyance in which the remainder is created.