Ownership

Question 1

Fee Simple Absolute

Answer 1

100% ownership of the property. Aka since forever.

Question 2

Life Estate

Answer 2

Rights and control for life
Cannot commit waste
“O to A for life” - must pay interest and taxes

Question 3

Reversion

Answer 3

Interest goes back to the grantor

Question 4

Remainder

Answer 4

“Then to”
The interest that comes after the life estate

Question 5

Vested Remainder

Answer 5

Automatic transfer

Question 6

Contigent Remainder

Answer 6

Subject to an event

Question 7

Vested Remainder Subject to Total Divestment

Answer 7

If a person’s interest can be wiped out

Question 8

Fee Simple Determinable

Answer 8

“So long as”
“As long”
There is a possibility of reverter

Question 9

Possibility of Reverter

Answer 9

Automatically reverses to Grantor if you stop doing what you’re supposed to do.

Question 10

Fee Simple to Condition Subsequent

Answer 10

If a future event occurs the grantor has a right of re-entry
“But if”

Question 11

Right of Re-Entry

Answer 11

Grantor has to do something to reclaim the property

Question 12

Joint Tenancy

Answer 12

Right of survivorship
Trumps a will
Can convey without notice but it does sever it to a tenancy in common

Question 13

Tenants in Common

Answer 13

Undivided interest
No right of survivorship
Heirs get it
DEBT DIES WITH THE TENANT

Question 14

Tenancy by Entirety

Answer 14

Joint tenancy by MARRIED PEOPLE
Right of survivorship
Cannot convey without notice
Divorce severs the tenancy

~ each tenant may seek a partition - aka chop it into two-
~ will be granted unless it is not practical
~co-tenant may seek contribution from other tenant aka in taxes and mortgage

Question 15

Rent

Answer 15

Out of possession of co-tenant may share in rent and profits
But not from a tenant in possession
UNLESS they re damaging the property

Question 16

Improvements

Answer 16

May not seek contributions