Estates

Question 1

Fee Simple absolute

Answer 1

is absolute ownership endures forever with no future interest

Can be pruchased or inherited

“to X”

Question 2

Life Estate

Answer 2

Endures for life of a named erson, followed by a future interest.

“to X for life then to…”

Question 3

Term of Years

Answer 3

Endures for a period measured by the calendared, followed by a future interest

“to X for 10 years, then to Z”

Question 4

Defeasible estate

Answer 4

Is an estate that will or might terminate if an event occurs

Question 5

Fee Simple determinable

Answer 5

Or determinable fee ends automatically if the stated event happens

“to school board so long as/until/while/during premises is used for school purposes”

Future interest is possibility of reverter back to O

Only O and his heairs can retain right of entry can’t be granted to third person

Only be inherited cant give it away in your will or to anyone else

Express or implied if you failed to crate a fee simple

Question 6

Fee Simple Subject to a condition subsequent

Answer 6

Does not automatically terminate but could terminate at future interest holder’s election

To School board, bu/if provided/however/on the condition the premises are not used for school purposes, O has a right to enter and re-take the premises

Future interest is right of entry or power of termiantion

Only O and heirs can hold right of re-entry cant be by 3rd party

Question 7

Fee simple subject to executory limitation

Answer 7

or subject to executory itnerest when o transfers either fee simple determinable or fee simple subject to a condition subsequent and in the same instrument, creates future interest in a 3rd part

Ends automatically when a stated condition happens

Interest retained by O, only travel by inheritance

Question 8

Reversion

Answer 8

Automatically goes back to O

Question 9

Possibility of reverter

Answer 9

might automatically go back to O but depends on whether the contingency happens

Question 10

Right of Entry

Answer 10

O can take back if contingency happens not automatically

Question 11

Vested Remainder

Answer 11

is created in an ascertained person and is ready to become posessory whener and however all preceding estates expire

1) Can be vested subject to partial divestment
2) Law prefers vested remainder, ambiguities interpreted as vested remainder

Question 12

Contingent Remainder

Answer 12

is contingent upon some event occuring other than natural termination of preceding estate

If contingency does not occur, reverts to O

Question 13

Executory Interest

Answer 13

divest prior estate to a 3rd party rather than O taking possession when prior estate ends.