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Flashcards in Day 2 Deck (15):
1

What are the 4 different ways property can be transferred?

By sale; by gift; by devise(will); by intestate succession

2

What are ownership interests

They are divided in time between present interests and future interest

3

What are the magic words for fee simple?

"and his/her heirs"

4

What words are required for a simple?

None it can say either O to A or O to A and his heirs

5

If the language is ambiguous what does it create? It is also the default estate

A fee simple

6

What effect do words of intent or purpose have on a fee simple?

No effect, don't let them fool you

7

Is there a future interest associated with fee simple?

No because its capable of lasting forever

8

What is a fee simple determinable limited by?

Limited by specific durational language

9

What is a fee simple subject to condition subsequent?

Limited by specific conditional language

10

What is a possibility of reverter?

A future interest held by a grantor following a fee simple determinable

11

When does a fee simple determinable vest?

The interest vests automatically after the durational period ends

12

What is the right of entry?

A future interest held by the grantor following a fee simple subject to condition subsequent

13

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

14

What is an executory interest?

A future interest that will cut short or terminate an earlier interest

15

Word for terminating a prior interest is to

Divest