Flashcards in Day 2 Deck (15):
What are the 4 different ways property can be transferred?
By sale; by gift; by devise(will); by intestate succession
What are ownership interests
They are divided in time between present interests and future interest
What are the magic words for fee simple?
"and his/her heirs"
What words are required for a simple?
None it can say either O to A or O to A and his heirs
If the language is ambiguous what does it create? It is also the default estate
A fee simple
What effect do words of intent or purpose have on a fee simple?
No effect, don't let them fool you
Is there a future interest associated with fee simple?
No because its capable of lasting forever
What is a fee simple determinable limited by?
Limited by specific durational language
What is a fee simple subject to condition subsequent?
Limited by specific conditional language
What is a possibility of reverter?
A future interest held by a grantor following a fee simple determinable
When does a fee simple determinable vest?
The interest vests automatically after the durational period ends
What is the right of entry?
A future interest held by the grantor following a fee simple subject to condition subsequent
What is a fee simple subject to executory interest?
When interest end upon the happening of an event and the future interest will vest in a third party
What is an executory interest?
A future interest that will cut short or terminate an earlier interest