Ownership

Question 1

What are ownership interest divided in time between?

Answer 1

Present interest and future interest

Question 2

How to distinguish who has interest

Answer 2

What is the the timing of possession?

EX: O transfer Blackacre to A for life then to B. A has present possession, B has future

Question 3

What is Fee Simple?

Answer 3

Largest possessory estate that is capable of lasting forever
- Fee Simple Absolute is a default estate
- Presumption that grantor conveys the most that they have

Question 4

Is Fee Simple Freely Alienable?

Answer 4

yes it can be inherited on owners death, transferred through will, or intestate succession, transferred by gift or sale during owners life

Question 5

How to create a fee simple

Answer 5

Look for words “heirs”
- not required to create but may be a good indicator

Question 6

How to Precatory words (hope or wish) affect a Fee Simple?

Answer 6

They don’t.

Not enough to show actual intent. conveyance will need to have specific language other than hope or wish to create a fee simple

Question 7

Defeasible Fees

Answer 7

may be terminated by occurrence of event
capable of lasting forever but also being terminated early
condition cut short the fee simple

Question 8

Types of defeasible fees

Answer 8

fee simple determinable
fee simple condition subsequent
fee simple subject to executory interest

Question 9

fee simple determinable

Answer 9

limited with durational language
EX: while the land is used as a farm, during the lands use as a farm

Question 10

fee simple subject to condition subsequent

Answer 10

conditional langage, grantor must exercise a right to take possession
EX: provided that, on the condition that

Question 11

Possibility of reverter

Answer 11

follows fee simple determinable
a future interest that automatically vest after duration period ends

Question 12

Right of entry

Answer 12

follows FSCS
future interest held by grantor that does not automatically vest, grantor must exercise

Question 13

Fee Simple subject to executory Interest

Answer 13

future interest will vest in a 3rd party and future interest is held by transferred

Question 14

Executory Interest

Answer 14

interest that divest earlier interest (cut short)

Question 15

life estate

Answer 15

present estate that is limited by the person life
“To A for Life”

Question 16

How to interpret ambiguous life estate?

Answer 16

If Grantor does not use the language “for life” look for intent to create estate that will end at death

Question 17

When does Life estate Terminate

Answer 17

Naturally at the person death

Question 18

Can life tenant pass by will or intestate succession

Answer 18

No

Question 19

What if the future interest if possession of life estate goes back to grantor

Answer 19

reversion

Question 20

what is future interest if possession of life estate goes to a third party

Answer 20

remainder

Question 21

Types of waste

Answer 21

Affirmative (intentional waste that decreases value)
Permissive ( neglectful conduct that decreases value)
Amerliotive (conduct that increases property value)

Question 22

types of remainders

Answer 22

vested or contingent

Question 23

what type of remainder does rule of perp. apply to

Answer 23

contingent

Question 24

What is vested remainder

Answer 24

interest that has an ascertainable grantee and not subject to condition precedent

Question 25

Contingent Remainder

Answer 25

if one or two of the requirements for vested remainder is not met then it is a contingent remainder

Question 26

Is a vest remainder able to be inherited

Answer 26

yes

Question 27

What is vested remainder subject to open

Answer 27

one person in the class has vested remainder full class membership is unknown

Question 28

When does vested remainder become closed?

Answer 28

When all class members are identifiable

Question 29

Can a class remainder be contingent?

Answer 29

Yes if no one in the class is vested it will be contingent

Question 30

Rule of Convenience

Answer 30

if grant doesn't have express closing date the ROC closes the class when any member is able to take immediate possession

Question 31

Doctrine of Worthier Title

Answer 31

prevents remainders passing to grantors heirs, instead it passes to grantor as reversion

Question 32

Rule in Shelly Case

Answer 32

presents against remainders for grantee's heirs

Question 33

What is fee tail

Answer 33

Limits estate to grantees lineal blood descendants by specific words of limitation

Question 34

Life tenants rights

Answer 34

Rent, sell, or lease property

Question 35

How does the rule of perpetuities (RAP) operate

Answer 35

similar to a statue of limitations - Cant go beyond 21 years of violates RAP

Question 36

How to Identify if RAP is violated

Answer 36

ID when the interest was created ID what interest are subject to RAP ID who the relevant validating life is

Question 37

What does the RAP apply to

Answer 37

contingent remainders executory interest class gift does not apply to vested remainders unless they are subject to open