Ownership

Question 1

Fee Simple Absolute

Answer 1

It is absolute ownership of potentially infinite duration. It is freely alienable without restriction. It has no accompanying future interest.

Question 2

Defeasible Fees

Answer 2

Is ownership of potentially infinite duration. But, it may be terminated by the occurrence of an event.

Question 3

Fee simple determinable

Answer 3

Is a present fee simple estate that is limited by specific durational language. It terminates automatically upon the happening of the stated event.

Question 4

Possibility of reverter

Answer 4

Future interest in grantor of fee simple determinable. The estate automatically reverts to the grantor or her successors.

Same rules apply to executory interests of fee simple determinables.

Question 5

Fee simple subject to a condition subsequent

Answer 5

A present fee simple that is limited in duration by specific conditional language. The grantor has the right to terminate this estate by affirmatively demonstrating the intent to terminate.

Question 6

Right of entry

Answer 6

The grantor must explicitly retain the right to terminate the fee simple subject to a condition subsequent.

The failure to assert it does not constitute a waiver.

Question 7

Fee simple subject to an executory interest

Answer 7

A present fee simple estate that is limited by specific conditional language and automatically passes to a third party upon the event.

Question 8

Life Estate

Answer 8

A present possessory estate that is limited in duration by a life.

Question 9

Remainder

Answer 9

The future interest of a life estate.

Question 10

Reversion

Answer 10

If there is no subsequent interest conveyed in a life estate, the ownership reverts to the grantor on the death of the measuring life.

Question 11

Permissive waste

Answer 11

Permits the premises to deteriorate through neglect or a failure to preserve or protect the property.

Question 12

Voluntary waste

Answer 12

Occurs when the condition of the property is substantially changed due to affirmative action.

Question 13

Ameliorative waste

Answer 13

Substantial change in the property that does not diminsh the value.

Question 14

Vested remainder

Answer 14

An interest that is not subject to any conditions precedent and is created in an ascertainable grantee.

Question 15

Vested remainder subject to open

Answer 15

A remainder interest transferred as a group rather than individually and at least one member of the group is individually ascertainable and entitled to the remainder interest, but that person’s interest may be subject to being shared with other members of the group.

Question 16

Contingent remainder

Answer 16

If it is created in a grantee that is unascertainable, or if it is subject to an express condition precedent to a grantee’s taking.

Question 17

Rule in Shelley’s Case

Answer 17

At common law, prevented a contingent remainder in the grantee’s heirs.

Question 18

Doctrine of Worthier Title

Answer 18

At common law, prevents a grantor from creating a remainder in the grantor’s heirs.

Question 19

Affected future interests

(Rule Against Perpetuities)

Answer 19

contingent remainders, vested remainders subject to open, executory interests, and powers of appointment

Question 20

Tenancy in Common

Answer 20

Exists when two or more co-owners have an equal right to possess property but do not have a right of survivorship. Each tenant holds an undivided interest to possess the whole property.

Question 21

Joint Tenancy

Answer 21

Exists when two or more people own property with the right of survivorship.

Question 22

Four unities

Answer 22

Equal right to possession, equal interests, created at the same time, and in the same title instrument.