Ownership

Question 1

What is a “fee simple estate”?

Answer 1

A “fee simple estate” is present possessor estate in land of infinite duration which is freely inheritable and alienable (transferable)

*there is a presumption that an estate is given in fee simple unless there is more limited estate

Question 2

What is a “fee simple determinable?”

Answer 2

A fee simple determinable is a property interest which may last forever OR until a specified future event stated in the grant or devise which creates it occurs (eg, an estate granted to a widow until she remarries)

If the event occurs, the property automatically reverts back to the grantor

A fee simple determinable is also known as a defeasible fee

**LOOK FOR WORDS: “while, during, until” - durational language

Question 3

What is a “possibility of reverter”?

Answer 3

Is a future interest created in the grantor when they convey a lesser estate and do not dispose of the remaining interest

*a possibility of reverter will follow a FEE SIMPLE DETERMINABLE

Question 4

What is a fee simple subject to condition subsequent?

Answer 4

An estate in land w/ a condition which, after occurring, gives the grantor the right to retake the property if the grantor chooses to

The grantor’s right of reentry must be expressly carved out and must be exercised to take effect

*look for words such as “upon condition that” or “provided that”

Question 5

What is a right of reentry?

Answer 5

Is the grantor’s reversionary interest that accompanies a fee simple subject to a condition subsequent

*aka power of termination

Question 6

What is a fee tail?

Answer 6

Is an estate of land, through conveyance or will, which will only pass to lineal descendants identified in the grant

*most jurisdictions have enacted statutes that convert fee tails into fee simples

Question 7

What is a life estate?

Answer 7

Ownership interest in property granted to a person for as long as that person lives

The estate reverts back to the grantor at the end of the measuring life unless otherwise stated

*a life estate for the life of another is called a life estate pur autre vie

Question 8

Which 3 types of waste is a life tenant responsible for?

Answer 8

1. permissive waste: mere neglect or omission to do what is necessary to prevent injury
2. voluntary waste: doing some act which causes the damage AND
3. ameliorative waste: making unauthorized, unnecessary improvements

*waste is conduct by the life tenant that permanently impairs the value of the land or the future interest

Question 9

What is voluntary waste by a life tenant

Answer 9

any kind of change made to the estate that internally or negligently causes harm to the estate or depletes its resources

*if the land can only be used for resource extraction, consuming those resources is NOT affirmative waste

Question 10

What is permissive waste by life tenant?

Answer 10

(involuntary waste) occurs when the land is allowed to fall into disrepair, or the life tenant fails to take reasonable measures to protect the land

*a life tenant is required to maintain the land and structures in reasonably good repair, pay taxes, and pay interest on mortgages

Question 11

What is “ameliorative waste” by life tenant?

Answer 11

the life tent performing acts or making improvements that enhance the value of the property

*although improvements to property, still waste

Question 12

What is the effect of renunciation of a life estate?

Answer 12

If a grantee renounces their life estate, the grantor or future interest holder has a possessory right of the estate

*renouncing a life estate is also known as a “disclaimer of interest”

Question 13

What is reversion?

Answer 13

Is the remaining estate that returns to the grantor or the grantor’s heirs upon the termination of the estate that had been granted

*look for words of conveyance like “to A for life,” because this would create a reversion in the grantor’s heirs after the life estate ends

Question 14

What is a remainder?

Answer 14

is the interest or estate in land that will take effect when the immediately preceding estate terminates

*for example: D gives Blackacre “to A for life, and then B and her heirs”
-A receives a life estate in Blackacre and B holds a remainder, which can becomes possessor when the prior estate naturally terminates

Question 15

What is a vested remainder?

Answer 15

a remainder to a person in existence who is certain to take immediate possession of the estate when the immediately preceding estate terminates

*even vested remainders can be defeasible, which means they can be passed down, sold, or given away

Question 16

What is a vested remainder subject to open?

Answer 16

Is a FUTURE interest (a remainder) that is certain to vest but could be devalued by new members of the class also taking their share, thereby reducing the share each individual class member receives

*class gifts can also be vested remainders that are not subject to open

Question 17

What is a contingent remainder?

Answer 17

Is a future interest in land created in an unascertained person or one that is subject to a condition precedent (eg, a remainder “to the children of D,” when D has no children at the time of the grant)

When the condition occurs, the remainder will vest

Question 18

What is an executory interest?

Answer 18

Is a future interest that will vest only after the happening of a specified condition

*look for words like “but if,” “if and when,” “as long as,” “then to” to identify a future interest

Question 19

Are future interests alienable?

Answer 19

Only future interests that are guaranteed to vest are alienable

*contingent remainders ARE NOT ALIENABLE
-they are however, devisable and descendible

Question 20

What is a class gift?

Answer 20

A gift to a group of persons described as a class (eg, “children of A,” “brothers and sisters of A,” or “heirs of A”

*a class is either open or closed

Question 21

What is the effect of the rule of convenience on a class gift?

Answer 21

Holds that a class closes based on the perspective that only people in existence at the time of the death of the testator are intended to take under the will

*a call of distribution of the class gift will usually close the class for the rule of convenience purposes

Question 22

What is a trust?

Answer 22

Property that is held by one person as a “trustee” for the benefit of another

The trustee holds the legal title of the trust property and the beneficiary holds the “equitable title” of the property

*trust may be ORAL OR WRITTEN

Question 23

What is a charitable trust?

Answer 23

A trust created for the beneficiary of a charity with an indefinite number of beneficiaries or for the benefit go one identified third party?

*charitable trusts may be set up inter vivid or in a will

Question 24

What is the doctrine of “cy pres”?

Answer 24

-allows the court to carry out a will or trust that, or some reason, is impossible to carry out as directed

-the court will follow the general intention of the testator as nearly as possible

Question 25

What is RAP?

Answer 25

-states that no future (or contingent) interest is valid if it might not vest within 21 years after a life in being at the time of its creation -the RAP prevents people from using deeds or wills to exert control over the ownership of property for a time bone the lives of people living at the time the instrument was created **RAP analysis has multiple steps, including identifying whether the future interest that was created falls under the RAP

Question 26

To which 4 interests does the RAP NOT apply?

Answer 26

1. interests held in grantor (reversions, possibilities of reverter, and rights of reentry) 2. vested remainders held in individuals 3. charity-to-charity dispositions 4. options to purchase for current tenants **RAP APPLIES TO CLASS GIFTS

Question 27

How is the measuring life determined in RAP?

Answer 27

Is the remaining life of a person who is in existence at the time when the gift or conveyance vests *measuring life must be a HUMAN life an there can be no more than 1 measuring life

Question 28

What is a restraint on alienation?

Answer 28

Is any restriction written into a conveyance agreement, in which the grantee is barred from conveying their interest in real property *such restrictions are frequently unenfoceable

Question 29

What is a "forfeiture restraint"?

Answer 29

Is a clause in a conveyance agreement that states the grantee will forfeit the property if they attempt to transfer their interest in it

Question 30

What is a promissory restraint?

Answer 30

Causes any attempt to transfer an interest to be a breach of covenant and will generally not be enforceable *this trip of restraint IS PERMISSIBLE for life estates

Question 31

What are concurrent estates?

Answer 31

aka "co-tenancy" - any interest in property that are owned by more than one person at a time

Question 32

What is a joint tenancy?

Answer 32

Is a concurrent estate created under a single deed or instrument, where 2 or more people have an undivided interest in the entire property, an equal right to share in the use and benefits of the property, and the right of survivorship *FOUR UNITIES are required to create a valid joint tenancy: -unity of interest -unity of possession -unity of title -unity of time

Question 33

What is a tenancy in common?

Answer 33

concurrent estate in land created when 2 or more people have undivided ownership in real property, have the same right to use and possession of the property, as well as the right to transfer the interest during lifetime or at death *UNLIKE joint tenancy - a tenancy in common does NOT have the right of survivorship

Question 34

What is a tenancy by the entirety?

Answer 34

Concurrent estate in land where 2 married individuals own property together, creating a right of survivorship, so each spouse will take full and complete ownership of the entire property upon the death of the other **tenancy by entirety is SIMILAR to joint tenancy, BUT joint tenants do NOT need to be married for right of survivorship to attach

Question 35

What is the rights of survivorship?

Answer 35

The right to property or some other interest that a person possesses because they have outlived another *accompanies JOINT TENANCY AND TENANCY BY THE ENTIRETY

Question 36

What are the 2 rights of "tenants in common"?

Answer 36

1. possession of entire estate 2. partition of entire estate *if one tenant partitions out the other co-tenant, then the tenant who committed the ouster must pay the fair market rental value for the property for the duration of the ouster

Question 37

What are the 2 duties of tenants in common?

Answer 37

Duty to: 1. maintain the property thru payment of taxes or necessary repairs AND 2. share any profits from the property

Question 38

What are the four leasehold estates?

Answer 38

1. tenancy for years 2. periodic tenancy 3. tenancy at will 4. tenancy at sufferance

Question 39

What is a tenancy for years?

Answer 39

Binds the parties to each other for a specified period of time, such as a month or a year **aka a fixed-term lease, may be less than a year

Question 40

What is a periodic tenancy?

Answer 40

tenancy for a period of some fixed duration that continues for succeeding periods until EITHER landlord or tenant gives notice of termination **EITHER tenant OR landlord may end periodic

Question 41

What is a tenancy at will?

Answer 41

Tenancy of no stated duration that endures only so long as both landlord and tenant desire or until one dies *either can terminate at any time

Question 42

What is a tenant at sufferance?

Answer 42

a tenant who WAS rightfully in possession, but wrongfully remains in possession after termination of the tenancy *remaining in possession after lease ends is called "holding over"

Question 43

What is a lease?

Answer 43

agreement between 2 parties, whereby less yields their right of possession of the property for a specified period of time to a lessee in return for consideration **lease is a type of K, so stat of frauds applies to tenancies or leases LONGER THAN ONE YEAR

Question 44

What are the 3 duties of a tenant?

Answer 44

1. pay rent 2. refrain from committing waste 3. possess and use property lawfully

Question 45

What are the 2 options a landlord may exercise if a T holds over?

Answer 45

May: 1. evict tenant OR 2. continue the lease and sue tenant for the rent that is due

Question 46

What 3 duties does landlord owe a residential tenant?

Answer 46

1. deliver possession of the leased property to the tenant 2. provide a habitable condition of the property 3. avoid unreasonably interfering with the use of the property (ie, quiet enjoyment) *a MAJORITY of jurisdictions required landlords to deliver ACTUAL POSSESSION of property to tenants

Question 47

What is "quiet enjoyment"?

Answer 47

The implied covenant that gives a tenant the right of quiet enjoyment of the premises, w/out interference by the landlord *the covenant of quiet enjoyment will be implied even if not expressly stated in lease

Question 48

What is the implied warranty of habitability?A

Answer 48

requires LL to keep their property "habitable," even if the lease does not specifically require them to make repairs *generally, implied warranty of habitability may NOT be waived

Question 49

What is the effect of a T's assignment of a lease?

Answer 49

After an assignment by the tenant of the lease to an assignee, that tenant has transferred their ENTIRE interest in the leased property to their assignee *a transfer of even one day less than the entire remaining lease will result in a SUBLEASE - NOT AN ASSIGNMENT

Question 50

What is a sublease?

Answer 50

partial transfer of interest in a leasehold *under sublease, the sublessee is NOT in privity of estate w/ landlord

Question 51

What are the 5 exceptions to the general rule that a landlord is not liable for physical injuries sustained on the leased property?

Answer 51

A landlord IS liable for physical injuries sustained on leased property w/ regard to: 1. Common areas (duty of reasonable care to maintain and repair common areas); 2. Latent defects (duty to disclose hidden defects of which the landlord should reasonably know) 3. Assumption of repairs (landlord may be held liable for negligent repairs) 4. Public use (if landlord knows of defects in a space for public use and knows tenant will not repair, landlord is liable for defects) 5. Short term leases in a furnished dwelling **REMEMBER C.L.A.P.S.

Question 52

When Will a tenant be liable for physical injuries stunted on leased premises?

Answer 52

a tenant is treated like an owner for purposes of tort liability during their time in possession of the premises

Question 53

What is a "security deposit"?

Answer 53

payment from T to LL held until end of lease to cover actual losses, such as unpaid rent, physical damage, or cleaning

Question 54

What are the landlord's 2 duties regarding security deposits?

Answer 54

After collecting deposit from a T, a LL is required to: 1. hold the deposit in escrow AND 2. at the end of the lease, retain only the funds necessary to repair actual damage to the premises *in some jurisdictions, the tenant must be paid any interest accrued on a security deposit

Question 55

What are the 2 reasons LL may suspend security deposit?

Answer 55

1. as a remedy for T's failure to pay rent AND/OR 2. repair damage to premises beyond normal wear and tear

Question 56

What is the "situs"?

Answer 56

refers to the state where the real property is located

Question 57

In disputes over land, which law typically governs?

Answer 57

Issues pertaining to ownership of land are governed by the law of the situs (ie, the state where the land is located)

Question 58

How does a court determine which law to apply to adjudicate a dispute over land during divorce proceedings?

Answer 58

issues concerning community property or other marital rights in land are determined by reference to the law of the situs of the land

Question 59

In divorce proceedings, which law applies to a dispute over land acquired by the spouse during the marriage?

Answer 59

usually determined by referencing the law of the spouses' domicile at the time the property was purchased **applies even when land was acquired in a community property state

Question 60

Which laws apply to mortgage and foreclosure proceedings?

Answer 60

are deemed to be so closely connected to the land that they are construed according to the law of situs *applies even tho mortgages and foreclosures involve elements of K law

Question 61

When does a life estate terminate?

Answer 61

terminates upon death of the grantee, or upon the death of another if the life estate is given for the life of another

Question 62

What is a life estate given "pur autre vie"?

Answer 62

is an estate measure by the life of someone OTHER than owner of the life estate *expires at the end of the life specified by the devise

Question 63

May a life estate be created in more than one person?

Answer 63

YES -class gift

Question 64

May a life estate be defeasible?

Answer 64

YES A life estate may be created so as to be determinable, subject to condition subsequent, or subject to an executory limitation *similar to estate given in fee simple

Question 65

Are life estates freely alienable?

Answer 65

YES A life tenant ordinarily is free to transfer, lease, encumber, or otherwise alienate life estate *the transfer gets no more than the life tenant had - an estate that ends at the expiration of the measuring life

Question 66

What is an "heir"?

Answer 66

A person who inherits the real property of an intestate decedent under a state's statute of intestate success *intestacy is dying w/out a will

Question 67

What is an "issue" in the context of property interests?

Answer 67

Means children, grandchildren, great-grandchildren, and all further future descendants of a certain person *issue = descendants

Question 68

What is the effect of property "escheating" to state?

Answer 68

if a fee simple owner dies w/out a will AND w/out heirs, the fee simple is automatically granted to state

Question 69

What isa "devisee"?

Answer 69

if a decedent leaves a will, the people who are to receive the land

Question 70

What is a "defeasible fee"?

Answer 70

is a fee simple conveyed such that, upon the happening of an event, the owner in possession may lose the property A defeasible fee aka "fee simple determinable" *defeasible fees are most commonly encountered in deeds restricting the use of land

Question 71

What is the key difference between a "fee simple subject to a condition PRECEDENT" and a "fee simple subject to a condition SUBSEQUENT"

Answer 71

-Fee simple subject to a condition PRECEDENT: creates an interest that will no take effect UNTIL a certain condition occurs -Fee Simple Subject to a Condition SUBSEQUENT: (by contrast) terminates IF the grantor chooses it to terminate when the condition occurs *compare with a fee simple DETERMINABLE, which creates an interest that lasts ONLY until a certain even happens, and AUTOMATICALLY terminates after the event

Question 72

What are the 3 duties of a life tenant?

Answer 72

1. not commuting waste 2. payment of all current operating expenses of the property 3. payment of mortgage interest *life tenant is not responsible for making payments towards the mortgage principal UNLESS they place a mortgage on the life estate alone

Question 73

What is the "Rule in Shelley's Case"?

Answer 73

Provides that a conveyance that attempts to give a person a life estate, with a remainder to that person's heirs, will instead give both the life estate and the remainder to the person, thus giving that person the land in fee simple absolute (full ownership w/out restriction)

Question 74

What is the "Doctrine of Worthier Title"?

Answer 74

Provides a presumption that when a grantor conveys a future interest to the grantor's own heirs, the grantor actually intended to keep the interest in himself

Question 75

Will a restraint on the usage of the property be upheld?

Answer 75

YES IF the restraint arises when transferring the property *however, restraints on alienation are usually void

Question 76

What are the 3 types of concurrent ownership?

Answer 76

1. joint tenancy 2. tenancy in common 3. tenancy by the entirety

Question 77

What is "severance" in the context of joint tenancy?

Answer 77

the process by which a joint tenancy is destroyed, usually creating a tenancy in common as a result

Question 78

May tenants in common have unequal shares in the property they own together?

Answer 78

YES Unlike joint tenancy, T's in common may have unequal shares *however, there is a rebuttable presumption that equal shares were intended to be given

Question 79

What is a "constructive eviction"?

Answer 79

Occurs when a landlord does not physically or legally evict a tenant, but takes actions that interfere with the tenant's use and enjoyment of the premises so significantly that the premise is untenantable *constructive eviction may occurs as the result of the violation of quiet enjoyment

Question 80

What is the effect of a sublease on privity between the subleasee and landlord?

Answer 80

will NOT establish privity of K between sublessee and landlord, so landlord may sue the original lessee for unpaid rent

Question 81

Why is privity important in the context of landlord-tenant law?

Answer 81

exits when 2 parties are in a contract together, which can serve as the basis for a future lawsuit (ie a landlord suing a lessee for unpaid rent)

Question 82

After assigning a lease to another person, may a lessee be sued for unpaid rent by the landlord?

Answer 82

YES The OG lessee may still be sued by the landlord for unpaid rent, even if they assigned the lease in full to another person, because the original lessee is still in privity of K with the landlord *in order to NOT be sued by landlord, the OG lessee must obtain a release and novation from landlord from privity of K liability

Question 83

What is a "reversionary interest"?

Answer 83

-is the interest a person has in a propriety when a preceding estate ceases to exist -it means the property will revert back to the OG owner upon the happening of a certain event

Question 84

What is the effect of a unilateral transfer of ownership by one joint tenant?

Answer 84

SEVERS the joint tenancy -after severance, the tenants will hold the property as tenants in common

Question 85

May a joint tenancy be devised by will?

Answer 85

NO MAY NOT because the interest automatically passes at death to the surviving tenant through the right of survivorship

Question 86

Does a lease sever a joint tenancy?

Answer 86

COURTS ARE SPLIT Common law: when one joint tenant leases their interest it severs joint tenancy Other Jurisdictions: hold that a lease does NOT sever

Question 87

Does a mortgage sever a joint tenancy?

Answer 87

Whether a mortgage taken by a joint tenant severs the joint tenancy depends on whether the jurisdiction is a lien theory or title theory state Majority Lien Theory: the mortgage is treated as a lien and does NOT terminate joint tenancy Minority Title Theory: mortgagee is granted title to the property until the mortgage is paid, so this severs one of the four unities and creates a tenancy in common

Question 88

Under the statute presumption, a conveyance to two or more persons creates what type of tenancy?

Answer 88

tenancy in common *under modern law, joint tenancies are DISFAVORED and there must be a CLEAR EXPRESSION OF INTENT to create a right of survivorship to create a joint tenancy

Question 89

How may a tenancy by the entirety be severed?

Answer 89

may be severed by death, divorce, mutual agreement, or execution by a joint creditor

Question 90

How is a joint tenancy created?

Answer 90

Requires the four unities to time, title, interest and possession Modernly, to create a joint tenancy there must be intent and a clear expression of survivorship language

Question 91

What is the difference between an assignment and a sublease?

Answer 91

Assignment: the transfer of ENTIRE interest remaining on the term Sublease: transfer of anything less than the entire interest

Question 92

What are the elements of a claim for "constructive eviction"?

Answer 92

Tenant must prove: 1. the landlord breached a duty to the tenant 2. the breach substantially and materially deprived the tenant of the use and enjoyment of the premises 3. the tenant gave the landlord adequate notice and reasonable opportunity to repair; AND 4. after such reasonable time, the tenant vacated the premises

Question 93

To what extent does a landlord have a duty to make repairs in residential and commercial leases?

Answer 93

Residential Lease: there is an IMPLIED duty under warranty of habitability to make repairs if the premise would be uninhabitable otherwise Commercial Lease: landlord is ONLY obliged to make repairs in common areas, fix structural defects, or make repairs mandated by public authorities

Question 94

Constructive eviction is a defense to what type of action brought by a landlord against a tenant?

Answer 94

Defense to an action brought by a landlord against a tenant for UNPAID RENT

Question 95

When does "surrender" occur?

Answer 95

When tenant gives up their interest in the leasehold estate in writing (where the unexpired term is more than one year), with no intent to return, and defaults on rent *retention of keys by a landlord alone does not constitute acceptance of Surender -Such an act must be coupled w/ other evidence showing that the landlord accepted the surrender

Question 96

What may a landlord do if the tenant unjustifiably abandons the property?

Answer 96

Landlord may either: 1. do nothing and sue for damages 2. repossess the property

Question 97

Is a lease freely assignable?

Answer 97

Absent an express prohibition in the lease, a tenant may transfer their interest

Question 98

What is the effect of the landlord accepting surrender of the property?

Answer 98

the abandoning tenant is free from rent liability accruing after abandonment

Question 99

When a lease requires a landlord's consent to Ana assignment, may the landlord w/hold consent for any reason?

Answer 99

YES Unless it violates public policy *Minority trend: landlord may not unreasonably w/hold consent solely based on a capricious reason such as personal taste, convenience or sensibilities

Question 100

After a sublease, is the sublessee in privity of estate w/ the landlord?

Answer 100

NO After a sublease, the sublessee is NOT in privity of estate w/ the landlord THUS, the sublessee is NOT personally liable to the landlord for rent

Question 101

What may a landlord do if they refuse to accept a tenant's surrender of the property?

Answer 101

They may sue the T for damages consisting of unpaid rent as well as the difference between future rent and the fair Market or re-let rental value

Question 102

After a sublease, is the sublessee or sublessor liable to the landlord for rent on the lease?

Answer 102

since the sublessee is NOT in privity of estate, sublessee is NOT liable to landlord for rent The sublessor remains in privity of K with landlord and is liable to L for rent

Question 103

What is the landlord's duty to mitigate damages?

Answer 103

Under Majority View: landlord has duty to make REASONABLE efforts to mitigate damages *Traditionally: landlord had no duty to mitigate, but landlord was limited to sue only for recovery of rent due at the time of the suit, not rent in the future

Question 104

When does a tenancy for years terminate?

Answer 104

Is a lease for a fixed term, automatically terminates on the specified end date

Question 105

What warranty is implied in every lease?

Answer 105

The covenant of quiet enjoyment tis implied in every lease *this covenant warrants that NEITHER landlord nor someone with superior title will interfere w/ the tenant's possession and quiet enjoyment of the premise

Question 106

When does a periodic tenancy terminate?

Answer 106

Automatically continue from one period to the next (eg, month-to-moth) Since automatically continues, WRITTEN NOTICE equal to one full period in advance (eg, one month for a month-to-moth lease) is required to terminate lease, except if the lease is on year or longer, then only 6 months' notice is required

Question 107

What type of leases does the implied warranty of habitability only apply to?

Answer 107

RESIDENTIAL LEASES

Question 108

When does a tenancy-at will terminate?

Answer 108

Is a lease w/ no fixed period of time This lease continues until EITHER party terminates it

Question 109

What are the 5 categories of future interests?

Answer 109

1. possibility of reverter 2. right of reentry 3. reversion 4. vested and contingent remainders 5. shifting and sprinting executory interests

Question 110

What do courts favor finding where it is unclear whether a fee simple determinable or fee simple subject to a condition subsequent was intended?

Answer 110

IN FAVOR of finding a fee simple subject to a condition subsequent *favor this because the right of reentry gives the holder options WHERAS - fee simple determinable and its possibility of Reverte create an automatic forfeiture of possession and title

Question 111

What type of present interest is coupled w/ a possibility of reverter future interest?

Answer 111

A fee simple determinable is coupled with a possibility of reverter

Question 112

What type of interest is coupled with the right of reentry future interest?

Answer 112

Fee simple subject to a condition subsequent is coupled w/ the right of reentry

Question 113

Does each co-tenant have the right to seek partition of the property?

Answer 113

While partition is not available to tenancies by the entirety, joint tenants and in common may seek to partition the property

Question 114

What is a "fee simple subject to an executory interest"?

Answer 114

Is an estate in land that is created in favor of a third person on the happening of a named future event * "BUT IF" IF AND WHEN AS LONG AS THEN TO - to identify a future interest

Question 115

What is the "Wait and See" or "Second Look Doctrine" for the RAP?

Answer 115

Under this reform effort, the validity of any suspect future interest is determined on the basis of the facts existing at the end of the life estate rather than at the creation of the interest

Question 116

When is an interest devised in a will created?

Answer 116

Any interests in land devised in a will are created from the date of the testator's death

Question 117

When face with a RAP question, what steps should you take?

Answer 117

1. classify the future interest to see if RAP applies 2. identify the measuring life 3. identify when the interest must vest or fail 4. analyze whether the interest will vest or fail w/in 21 years of the life in being

Question 118

RAP ONLY applies to what types of interests?

Answer 118

CONTINGENT REMAINDERS EXECUTORY INTERESTS CLASS GIFTS (even if vested remainder) OPTIONS AND RIGHTS OF 1ST REFUSAL POWERS OF APPOINTMENT