Ownership

Question 1

Present interest

Answer 1

right to currently possess the property

Question 2

Future interest

Answer 2

commence possession sometime in future

Question 3

Fee simple

Answer 3

Absolute ownership and potentially infinite
Can be transferred inter vivos without restriction

Question 4

Life estate

Answer 4

Present possessory interest limited in duration by a life

Question 5

“to A for life”

Answer 5

Life estate

Question 6

Life estate is not subject to

Answer 6

RAP

Question 7

Life estate can be measured by

Answer 7

The grantee’s life or another’s life

Question 8

A: “to B for life, but if B remarries, then to C”

Answer 8

B: defeasible life estate
C: executory interest

Question 9

Life estate pur autre vie

Answer 9

Life estate measured by life of individual other than grantee

Question 10

O conveys “to A for life of B”

Answer 10

A: life estate pur autre vie for B’s life

Question 11

O conveys “to A for life of B with remainder to C.” A then conveys their interest to D.

Answer 11

D: life estate for life of B
C’s remainder becomes possessory when B dies

Question 12

Rights of life tenant

Answer 12

Possess property
Sell, lease, or mortgage interest

Question 13

Permissive waste

Answer 13

Life tenant permits premise to deteriorate through neglect or failure to preserve

Question 14

Life tenant has duty to

Answer 14

Prevent permissive waste by making reasonable repairs

Question 15

Voluntary waste

Answer 15

Condition of property substantially changes because of life tenant’s affirmative actions

Question 16

Future interest that follows life estate

Answer 16

Remainder or executory interest

Question 17

Fee estates can be

Answer 17

Life estates or fee simple

Question 18

Fee simple estates can be

Answer 18

Absolute or defeasible

Question 19

Defeasible fee

Answer 19

Ownership of potentially infinite duration but it can be terminated by the occurrence of an event

Question 20

Types of defeasible fee

Answer 20

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

Question 21

A conveys “to B and his heirs”

Answer 21

B has fee simple absolute

Question 22

C conveys “to B”

Answer 22

B has fee simple absolute

Question 23

“So long as”

Answer 23

Fee simple determinable

Question 24

“Until”

Answer 24

Fee simple determinable

Question 25

"Condition"

Answer 25

Fee simple subject to condition subsequent

Question 26

"Reenter"

Answer 26

Fee simple subject to condition subsequent

Question 27

"But if"

Answer 27

Fee simple subject to condition subsequent

Question 28

Future interest in fee simple subject to condition subsequent

Answer 28

Grantor has right of reentry

Question 29

Future interest in in fee simple determinable

Answer 29

Grantor has possibility of reverter

Question 30

Future interest terminates automatically or when holder takes action

Answer 30

Action: FSSSCS with right of reentry Automatic: FSD and FSSEI

Question 31

Possibility of reverter

Answer 31

Future interest retained by grantor when thy convey FSD

Question 32

Right of reentry

Answer 32

Future interest retained by grantor when they convey FSSCS

Question 33

Reversion

Answer 33

Future interest where land reverts back to grantor after the life estate terminates

Question 34

Remainder

Answer 34

Future interest where 3rd party gets land after life estate terminates

Question 35

Future interests created in grantor

Answer 35

Possibility of reverter Right of entry Reversion

Question 36

Future interests created in someone other than the grantor

Answer 36

Remainder Executory interest

Question 37

Possibility of reverter follows

Answer 37

fee simple determinable

Question 38

Vested

Answer 38

Future interest that is given to readily ascertainable grantee AND not subject to condition precedent

Question 39

Two types of reminders

Answer 39

Vested Contingent

Question 40

Contingent

Answer 40

Future interest that is given to grantee that is not readily ascertainable and is subject to condition precedent

Question 41

Concurrent estate

Answer 41

Two or more persons own real property simultaneously

Question 42

Tenancy in Common

Answer 42

No right of survivorship (free to devise at death and convey during life) Equal right to possess property

Question 43

Joint tenancy

Answer 43

Rights of survivorship (surviving tenant will automatically take deceased tenant's interest) Two or more persons own

Question 44

Joint tenants cannot pass their property interest by

Answer 44

Will or intestate

Question 45

Joint tenancy is created by

Answer 45

Language that conveys clear expression of intent Uses survivorship language

Question 46

Joint tenancy has four unities

Answer 46

Possession Interest Time Title (PITT)

Question 47

At death the joint tenant's property will

Answer 47

Pass to the remaining joint tenants

Question 48

Joint tenants conveys interest to third party during their lifetime

Answer 48

Joint tenancy is severed and they become tenants in common

Question 49

If a joint tenancy is conveyed to new party and there were three or more original joint tenants,

Answer 49

The joint tenants will remain joint tenants The new party will become a tenant in common

Question 50

Joint tenant conveys mortgage interest

Answer 50

Lien (majority:) mortgage is treated as a lien and joint tenancy is not severed Title (majority): mortgage will terminate joint tenancy and they become tenants in common

Question 51

The holder of a life estate has a duty to pay

Answer 51

Current charges on the land that becomes due during the life tenancy and are limited to the financial benefit that the life tenant receives from the property