Property Flashcards
(246 cards)
what are the four ways property can be transfered?
sale, gift, devise, intestate
what is a fee simple?
largest possessory estate because its capable of lasting forever
how do you create a fee simple?
“to x and their heirs” but “their heirs isn’t required - there is no future interest associated with a fee simple because it is capable of lasting forever
ambiguous grants mean nothing, they create a presumption. words of intent and purpose also mean nothing
default estate
what are defeasible fees?
may be terminated by occurrence of an event; capable of lasting forever OR being terminated; condition cuts short the fee simple
what are the types of defeasible fees?
fee simple determinable
fee simple subject to condition subsequent
fee simple subject to executory interest
what is a fee simple determinable?
limited by specific durational language - “while” “during” “until”
future interest is a possibility of reverter
what is a fee simple subject to condition subsequent?
limited by specific conditional language - “provided that” “on the condition that”
future interest - right of entry (grantor must exercise right)
what is a possibility of reverter?
future interest held by grantor following fee simple determinable
vests automatically after durational period ends
what is a right of entry?
future interest held by the grantor that follows a fee simple subject to condition subsequent
does not automatically vest - must be reclaimed
what is a fee simple subject to executory interest?
will end upon the happening of an event and the future interest will vest in a third party
future interest - executory interest (held by a transferee NOT the grantor)
what is an executory interest?
future interest that will cut short or terminate an earlier interest
what is a life estate?
present estate that is limited by a life - either the transferee or some other third party
how is a life estate created?
“for life”
if ambiguous - look to grantor’s intent
how does a life estate end?
naturally ends at death
a life estate is transferable but it cannot be passed by will or intestate succession
what are the future interests associated with a life estate?
reversion - goes back to grantor
remainder - goes to a third party
what are the three kinds of waste?
affirmative
permissive
ameliorative
what is affirmative waste?
waste caused by voluntary conduct which causes a decrease in value
what is permissive waste?
waste caused by neglect toward the property, which causes a decrease in value
what is ameliorative waste?
special situation where a life tenant or other person in possession changes the use of the property and actually increases the value of the property
what is a remainder?
a future interest that follows a life estate
does not divest a present interest - its polite and waits for the prior interest to end
what is a vested remainder?
an interest that is
1. given to an ascertained grantee AND
2. not subject to a condition precedent
if either fails, then it is a contingent remainder
what is a vested remainder subject to open?
vested remainder in a class gift and full class membership is unknown
BUT at least one class member must have vested, if not that its contingent. when all members are identified, the class is closed
what is the rule of convenience?
avoids application of RAP to a class gift
if grant doesn’t have an express closing date, the rule of convenience closes the class when any member of the class becomes entitled to immediate possession
what is the doctrine of worthier title?
prevents against remainders in a grantor’s heirs; creates a reversion to the grantor