Property Flashcards
(150 cards)
A (i) ____ _____ absolute is the largest estate recognized by law. It can be (ii) _____, divided, (iii) ________ or inherited, and is presumed to have an (iv) ______ duration.
(i) fee simple; (ii) sold; (iii) devised; (iv) indefinite
A defeasible fee is a fee simple that can be terminated. There are three types: (i) fee simple _________ (and possibility of reverter; (ii) fee simple subject to a condition ______ (and right of entry); and fee simple subject to an _______ ________.
(i) determinable; (ii) subsequent; (iii) executory interest
A fee simple determinable terminates upon the happening of a stated event and (i) ________ reverts to the (ii) _________. There is usually language like “for so long as,” “while,” or “during” or “until.” In contrast, words like “to be used for” or “for the purpose of” do not create a feee simple determinable, and are instead a basic fee simple.
(i) automatically; (ii) grantor
A fee simple subject to a condition ___________ carries a right of entry. The grantor must take some (i) ______ to terminate. Often uses words like “condition that” “but if”. The right of entry must be (ii) _______ reserved. In general, a right of entry is not transferable inter vivos, but it can be devised and it can destine.
(i) subsequent; (ii) action; (iii) expressly
A fee simple subject to an executory interest terminates upon the happening of a stated event and then passes to a (i) ______ party. The third party as an (ii) ______ interest.
(i) third; (ii) executory
A life tenant is entitled to (i) ______ use of the profits of the land, but cannot do anything that (ii) ______ the interest of a remainderman or reversioner. Voluntary (iii) _______ waste is only permitted if it is necessary to repair land, or if it was implied by the conditions of the grant. A tenant is obligated (permissive waste) to pay taxes and mortgage interest, to keep the land and structures in reasonable repair, and to hold insurance. A life estate may do ameliorative waste (improve) if it does not diminish the property value, and either (iv) the _______ do not object, or (v) a _______ and permanent change in the environment has deprived the property of its former use.
(i) ordinary; (ii) injure; (iii) affirmative; (iv) remaindermen; (v) substantial
A reversionary interest automatically vests, and therefore is not subject to the (i) ______–
RAP
A (i) _______ must be expressly created in the instrument that creates the prior possessory estate.
(i) remeainder
A (i) _______ remainder is one created in an existing and ascertained person, not subject to a condition precedent.
(i) vested
An (i) _______ vested remainder is a vested remainder that is not subject to divestment or diminution.
(i) indefeasibly vested
A (i) ___________ remainder subject to (ii) is created in a (iii) _____ of persons that is certain to become possessor ,but is subject to diminution.
(i) vested; (ii) open; (iii) class
A (i) _______ remainder subject to total (ii) _________ is one that is subject to a condition subsequent. Here, the remainder is vested, but if conditions are not met, the remainderman loses it.
(i) vested; (ii) divestment
A (i) ______ remainder is one that is created in an (ii) _____ or unascertained person, or one subject to a condition (iii) ________.
(i) contingent; (ii) unborn; (iii) precedent
A (i) _______ remainder is destroyed if it fails to vest before the termination of the prior freehold estate.
(i) contingent
Under the doctor of worthier title, (DOWT), a remainder in the grantor’s heirs is invalid and becomes a (i) ______.
(i) reversion
An executory interest that an divest a transferee’s proceeding freehold is a (i) _______ executory interest; whereas an executory interest that follows a gap in possession or cut’s short a grantor’s estate is a (ii) ______ executory interest.
(i) shifting; (ii) springing
A (i) _______ cannot follow a fee simple. If it’s a 3d party, it must be an executory interest.
(i) remainder
Vested remainders are fully (i) ______, descendable, and devisable. Generally, contingent remainders and executory interests are also descendable and devisable (and often transferrable)
(i) transferrable
Under the rule of convenience, and in the absence of any express contrary intent, a class closes when (i) _____ member of the class can call for distribution.
(i) some
A trust is (i) _____ relationship with respect to some specific (ii) _______ (res) where the trustee holds (iii) _____ title to the property subject to enforceable (iv) ________ rights of beneficiaries.
(i) fiduciary; (ii) property; (iii) legal; (iv) equitable
A trust can be created by (i) ________ (testamentary), by (ii) ____ _____ transfer of the trust res, or by (iii) inter vivos declaration that the settlor is holding property in (iii) _____. All trusts of real property must be in writing.
(i) will; (ii) inter vivos; (iii) trust
No interest in property is valid unless it must vest within (i) ______ years after some life in (ii) ______ at the creation of the interest. The RAP applies to (iii) _______ remainders, executory interests, vested remainders subject to (iv) __________, options to purchase, and rights of first refusal.
(i) 21; (ii) being; (iii) contingent; (iv) open
The rule against perpetuities does not apply to vested interested, which include (i) _____ remainders (other than to open), (ii) ____________ (and possibility of reverter), and rights of (iii) _______.
(i) vested; (ii) reversions; (iii) entry
A joint tenancy requires the four unities of (i) ______, (ii) ______, (iii) ________, and (iv) ________. A right of survivorship must be express.
(i) time; (ii) title; (iii) interest; (iv) possession