Freehold Estates Flashcards Preview

MBE Property > Freehold Estates > Flashcards

Flashcards in Freehold Estates Deck (35):
1

Language to create a Fee Simple Absolute:

"To A and his heirs" or "To A"

2

What is the Duration and Transferability of a Fee Simple Absolute?

Duration: Absolute ownership, of potentially infinite duration;
Tranferability: Passes automatically to grantee's lineal descendants

3

What future interests are created by a Fee Simple Absolute?

None

4

Language to Create a Fee Tail:

"To A and the heirs of his body"

5

Language to create a basic Defeasible Fee:

"To A so long as..."

6

Language to create a Fee Simple Determinable:

"To A until..."
"To A while..."
Language providing that upon the happening of a stated event, the land is to revert to the grantor

7

Language to create a Fee Simple Subject to a Condition Subsequent:

"To A, but if X event happens, grantor reserves the right to reenter and retake."
Grantor must carve out right of reentry.

8

Language to create a Fee Simple Subject to an Executor Limitation

"To A, but if X event occurs, then to B."

9

Language to create a Life Estate:

"To A for life."
"To A for the life of B."

10

What is the Duration and Transferability for a Fee Tail?

Duration: lasts only as long as there are lineal blood descendants of grantee
Transferability: Passes automatically to grantee's lineal descendants

11

What is the Duration and Transferability for a Fee Simple Determinable?

Duration: Potentially infinite, so long as event does not occur.
Transferability: Alienable, devisable, descendible, subject to the condition.

12

What is the Duration and Transferability for a Fee Simple Subject to Condition Subsequent?

Duration: Potentially infinite, so long as the condition is not breached and, thereafter, until the holder of the right of entry timely exercises the power of termination.
Transferability: Alienable, devisable, descendible; subject to the condition.

13

What is the Duration and Transferability for a Fee Simple subjecto to an Executor Limitation?

Duration: Potentially infinite, so long as stated contingency does not occur.
Transferability: Alienable, devisable, descendible, subject to the condition.

14

What is the Duration and Transferability for a Life Estate?

Duration: Measured by the life of tranferee or by some other life (pur autre vie);
Transferability: Alienable, devisable and decendable if pur autre view and measuring life is still alive.

15

What is the future interest created by a Fee Tail?

Reversion (if held by grantor); Remainder (if held by third party)

16

What is the future interest created by a Fee Simple Determinable?

Possibility of Reverter (held by grantor)

17

What is the future interest created by a Fee Simple subject to a Condition Subsequent?

Right of Entry/Power of Termination (held by grantor)

18

What is the future interest created by a Fee Simple subject to an Executive Limitation

Executory Interest (held by third party)

19

What is the Future Interest created by a Life Estate

Reversion (if held by grantor); Remainder (If held by third party)

20

What is a Fee Simple Absolute?

The grantor creates in another absolute ownership of potentially infinite duration. It is freely devisable, decendable, and alienable.

21

Does the Fee Tail still exist in the U.S.?

No. It is practically abolished in the U.S.

22

What is a Fee Simple Determinable?

The grantor uses clear durational language that creates a fee simple with a catch. If the stated condition is violated, then forfeiture is automatic.

23

What is the mnemonic to remember what the Fee Simple Determinables accompanying future interest?

F.S.D.P.O.R.
Fee Simple Absolute = Possibility of Reverter

24

How to create a Fee Simple Subject to Condition Subsequent?

Grantor must use clear durational language and state the right to reenter.

25

What is a major difference between the Fee Simple Determinable and the Fee Simple Subject to a Condition Subsequent?

If the condition for a fee simple determinable is violated, the termination/ forfeiture is automatic. Whereas, if the condition for a fee simple subject to a condition subsequent is violated, the grantor must exercise the right to reenter.

26

What interests do the Mandy and Barry have in the following Hypo?
"To Barry, but if Barry ever performs music on the premises, then to Mandy"

Barry: A fee simple subject to Mandy's shifting executory interest.
Mandy: Shifting executory interest.

27

What are the two important rules for construction for the Defeasible fees?

1. Words of mere desire, hope, or intention are insufficient to create a defeasible fee.
2. Absolute restraints on alienation are void.

28

What does it mean that an absolute restraint on alienation are void?

An absolute restraint on alienation is an absolute ban on the power to sell or transfer, that is not linked to a reasonable time-limited purpose.

29

How to create a Life Estate?

The estate must be limited in an explicit lifetime terms, and never in terms of years.

30

What do O and A have in the following hypo?
"To A for Life."

A is a life tenant and has a life estate. O has a reversion meaning that at the end of A's lifetime, the estate reverts back to O or O's heirs.

31

What is a life estate pur autre vie?

A life estate measured by a life other than the grantees.

32

What are two general rules regarding a life tenants ability to use his or her land?

1. A life tenant is entitled to all ordinary uses and profits from the land;
2. The life tenant must not commit waste.

33

What are the three types of waste?

1. Voluntary or Affirmative Waste - This is the overt destruction of the land;
2. Permissive or Neglect - This occurs when land falls into disrepair;
3. Ameliorative - The life tenant must not engage in acts that will enhance the property's value, unless all future interest holders are known and consent.

34

What is the general rule for voluntary or affirmative waste?

The life tenant must not consume or exploit natural resources on the property (such as timber, oil, or minerals), unless one of the four exceptions applies (PURGE):
1. PU - Prior Use - prior to the grant, the land was used for exploitation;
2. R - Repairs - The life tenant may consume natural resources for repairs and maintenance.
3. G - Grant - The life tenant may exploit if granted that right;
4. E - Exploitation - The land is suitable only to exploit, such as a coal mine or quarry.

35

What is the Open Mines doctrine as it applies to voluntary waste?

If mining was done on the land before the life estate began, the life tenant may continue to mine, but is limited to mines already open. Thus, the life tenant cannot open any new mines.