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MBE- Real Property > Estates In Land > Flashcards

Estates In Land Flashcards

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1
Q

What are the four ways property can be transferred (alienated)?

A
  1. Sale
  2. Gift
  3. Devise (by will)
  4. Intestate succession
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2
Q

How are the two ownership interest divided in time?

A
  1. Present interest

2. Future interest

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3
Q

What are the magic words to create a fee simple absolute?

A
  1. And heir

2. And his or her heirs

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4
Q

What is the default estate?

A

Fee simple absolute

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5
Q

What is a defeasible fee?

A

A fee that can end

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6
Q

What are three things the defeasible fees can do?

A
  1. Maybe terminated by the occurrence of an event
  2. Capable of lasting forever but also of being terminated early
  3. condition will cut short the fee simple
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7
Q

What language creates a fee simple determinable?

A
  1. So Long as
  2. While
  3. During
  4. Until
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8
Q

How long does the fee simple determinable last?

A

The fee simple last while the period is in play, but as soon as the period ends, the fee simple ends.

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9
Q

What language is used to create a fee simple subject to conditions subsequent?

A
  1. But if
  2. Provided that
  3. On the condition
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10
Q

What future interest held by the grantor follows the FSD?

A

Possibility of reverter

  1. Interest vest automatically after the durational ends.
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11
Q

What future interest held by the grantor follows a FSCS?

A

Right of entry

  1. Does not this automatically; it must be reclaimed.
  2. Also known as the power of termination.
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12
Q

What is a fee simple subject to executory interest?

A

A fee that will end upon the happening of an event and the future interest vest this in a third party.

• someone other than the grantor

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13
Q

What is an executory interest?

A

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

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14
Q

What is a word for terminating a prior interest?

A

Divest

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15
Q

What are the magic words to create a life estate?

A

For life

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16
Q

When does a life estate terminate?

A

Is naturally when the measuring life dies

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17
Q

Is there a such thing as a contingent life estate?

A

Yes – it is a life estate that is based on a condition.

18
Q

What future interest follows a life estate?

A
  1. If possession of the land goes back to the grantor then the grantor retained a reversion.
  2. if possession of the land goes through a third-party after the life estate ends, then a third-party takes a remainder.
19
Q

What are the three types of waste?

A
  1. Affirmative waste
  2. Permissive waste
  3. Ameliorate waste
20
Q

What is affirmative waste?

A

Waste caused by voluntary conduct which causes a decrease in value.

21
Q

What is permissive waste?

A

Waste caused by neglect towards the property, which causes a decrease in value.

22
Q

What is ameliorative waste?

A

Special situations where the life tenant or other person in possession changes the use of the property and you actually increases the value of the property.

23
Q

What are three situations where the doctrine of waste applies?

A
  1. Landlord vs tenant
  2. Co-tenant out of possession vs Tenant in possession (concurrent estates)
  3. Mortgagee vs Mortgagor
24
Q

What present possessory estate does a remainder follow?

A

Life estate

25
Q

What are the two types of remainders?

A
  1. Vested

2. Contingent

26
Q

What is a vested remainder?

A

An interest that is:

  1. Given to an ascertained Grantee; and
  2. Not subject to a condition precedent.
27
Q

What happens if a vested remainder dies?

A

The interest passes to the holders heirs

28
Q

What is a contingent remainder?

A

An interests:

  1. Subject to a condition precedent or
  2. Given to an unascertained grantee
29
Q

What happens if the contingent remainder does not vest before it becomes possessory?

A

The grantor has a reversion.

30
Q

When is a class gift – vested remainder subject to open?

A

Vested subject to open is:

  1. Vested remainder in a class gift; and
  2. Full class membership is unknown.
31
Q

What amount of individuals in a class must be vested for it to be the vested subject to open?

A

At least one person in the class must be vested

32
Q

When does the class close?

A

When all members of the class identified

33
Q

Why is it subject to open?

A

Because we do not know who else will vest and make it into the class

34
Q

What is the rule of convenience?

A

A class closing mechanism to avoid application of rap to a class gift.

35
Q

What is the doctrine of worthier title?

A

Prevents against remainders is the grantors heirs.

Creates presumption in a reversion to the Grantor.

36
Q

What is the rule is Shelly’s case?

A

Prevents against remainders in grantee heirs.

Uses doctrine of merger to create a fee simple.

37
Q

What is a executory interest?

A

Future interest in a third-party that cut short (divest) a prior vested interest.

38
Q

What are the two types of executory interest?

A

Springing executory interest

Shifting executory interest

39
Q

Who does the springing executory interest divest?

A

The grantor

40
Q

Who does the shifting executory interest divest?

A

Divest the prior grantee

MBE- Real Property (12 decks)

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