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Property > Estates Terminology > Flashcards

Estates Terminology Flashcards

1
Q

legal interest that confers on its owner the right to present possession of some thing

A

Possessory estate

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2
Q

legal interest that exists in the present, but does not entitle the owner to possession until some point in the future.

A

Future interest

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3
Q

an unqualified right to future possession retained by the party who created the possessory interest that precedes it

A

reversion

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4
Q

transfer of an interest in property

A

Grant or conveyance

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5
Q

Person making the grant

A

grantor

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6
Q

person receiving a grant

A

grantee

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7
Q

“during the life”

A

inter vivos

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8
Q

person who dies with valid will

A

testate

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9
Q

dies without valid will

A

intestate

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10
Q

dead person

A

decedent

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11
Q

male/female will owner

A

testator/rix

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12
Q

M/F that carries out instructions in will

A

Executor/Executrix

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13
Q

court appointed individual that disposes of estate

A

administrator/rix

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14
Q

Authority of administrator or executor

A

Probate court

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15
Q

letters to executor authorizing possession of estate’s assets and disposing of them IAW Will’s instructions

A

Letters testamentary

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16
Q

letters to administrator (intestate death) authorizing possession of estate’s assets and dispose of them IAW laws of intestate succession

A

Letters of administration

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17
Q

parties receiving the will’s bequests

A

Beneficiaries

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18
Q

real property receivers

A

devisees

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19
Q

decedent passes property by will

A

Devised

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20
Q

property interest transferred by will

A

Devisable

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21
Q

personal property receivers

A

legatees

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22
Q

parts of assets that the will does not provide for

A

Partial intestacy

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23
Q

disposes all assets of decedent not devised through specific bequests

A

residuary clause

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24
Q

those who are designated by law as successors of property that passes by intestate succession

A

heirs

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25
Q

When is the first legally enforceable right created in intestate succession?

A

Death

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26
Q

Individuals expecting inheritance; children, parents, siblings

A

heirs apparent; issue, ancestors, collaterals

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27
Q

Person dies without will or heirs the property…

A

escheats to the state

28
Q

Estate of indefinite duration

A

fee simple

29
Q

estate that confers right to possession for the life of its owner

A

life estate

30
Q

type of future interest created in someone other than the grantor

A

remainder

31
Q

O’s interest is a future interest that reverts back after the natural termination of the life estate

A

reversion

31
Q

a grantor cannot convey title to something she doesn’t herself own

A

nemo dat

32
Q

identifies who the grantee is

A

words of purchase

33
Q

defines the nature or quantum of an estate

A

words of limitation

34
Q

In absence of clearly contrary words of limitation, conveyance will _________

A

convey the grantor’s entire interest

35
Q

Two types of defeasible estates

A

Auto-limiting and Grantor must take action

36
Q

O to A, (so long as, while, during, until) A does not divorce is an example of what?

A

Possibility of reverter (possibility= language within ())

37
Q

O to A, (but if, provided that, on condition that, however), then back to O

A

Right of entry (right = language within ())

38
Q

condition that precedes the possibility of an interest becoming possessory

A

Condition precedent

39
Q

1) created in someone other than the grantor; 2) must wait until the preceding estate naturally terminates to become possessory

A

Remainder

40
Q

1) created, retained by, the grantor of the interest; and 2) must wait until the preceding estate naturally terminates to become possessory

A

Reversion

41
Q

1) created in unascertained or unborn person; 2) condition precedent other than natural termination of preceding possessory estate

A

Contingent remainder

42
Q

has no condition precedent inside the language creating it and is given to an ascertained person

A

Vested remainder

43
Q

If a conveyance creates some gap in rightful possession, who/what fills the gap

A

Gap is filled by grantor’s original and retained right to possession

44
Q

Measure of an estates size

A

quantum

45
Q

B’s interest? O to A for life, then to B for life

A

remainder in life estate

46
Q

B’s interest? O to A for life, then to B

A

Remainder

47
Q

B’s interest? O to A, so long as A does not divorce A, then to B

A

Executory interest

48
Q

B’s interest? O to A, but if A divorces, then to B

A

EXECUTORY INTEREST SUBJECT TO EXECUTORY LIMITATION

49
Q

Executory interest that follows an estate in a grantee

A

shifting

50
Q

Executory interest that divest the grantor

A

springing

51
Q

an estate that looks like a fee simple absolute, but can be divested (cut short and destroyed) by some future interest

A

Defeasible fee

52
Q

Future interest that cuts short or divests a prior interest in a grantee

A

Executory interest

53
Q

future interest that cuts short the prior estate is created in the grantor

A

Possibility of reverter

54
Q

future interest in the grantor that cuts short or divests a prior estate limited by words of condition

A

Right of entry

55
Q

conveyance to a group of people identified by their membership in some identified group

A

Class grant

56
Q

future interest that can be diluted by adding more members of a class

A

Vested remainder subject to open

57
Q

vested remainder that is neither subject to divestment nor subject to open

A

Indefeasibly vested remainder

58
Q

Two types of waste

A

Voluntary, permissive

59
Q

Erecting or demolishing a structure; extracting resources

A

voluntary waste

60
Q

fail to pay taxes, make repairs

A

permissive waste

61
Q

change to land that may increase market value but changes nature of the land

A

ameliorative waste

62
Q

lawful possessor takes acts that affect the abilities of a future possessor

A

waste

63
Q

2 approaches to waste

A

Waste can be reasonable if occurs within reasonable use(Melms); any material change w/out consent is waste(Brokaw)

64
Q
A

Property (7 decks)

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