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Property Flashcards

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1
Q

present interest

A

gives the owner a present right of possession (of use) of the land

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2
Q

What type of division ownership is allowed in estates

A

Division of ownership by time

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3
Q

Future interest

A

Give the owner future right of possession (or use) of the land.
(possession not use)

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4
Q

What is delayed to the future?

A

Your right of possession not ownership that is delayed to the future

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5
Q

Three types of estates in land

A
  1. Fee simple absolute
  2. Life estate
  3. Tenancy
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6
Q

Conveyance

A

Transfer of interest in land to someone

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7
Q

Divisees

A

People who inherit based on a will

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8
Q

“in common”

A

Have concurrent interest in the land

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9
Q

Issue

A

Lineal descendants- children, grandchildren, great grand children

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10
Q

Ancestors

A

Parents, grandparents

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11
Q

Collaterals

A

Blood relatives who are not descendants or ancestors

-brother, sister, cousin

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12
Q

Intestate

A

Without a will- surviving children or spouse usually are the ones to inherit

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13
Q

Devisees

A

People who inherit when someone dies

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14
Q

Escheat

A

Person who dies without a will or heirs

-Property goes to the state as a default

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15
Q

Does a living person have heirs?

A

No

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16
Q

Executor

A

A person appointed to administer a deceased persons estate

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17
Q

What does trixt do?

A

Makes it feminine- Testrixt or Executrixt

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18
Q

Per stripes

A

distribution- gives equal shares of an estate to each branch of family

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19
Q

Per capita

A

By generation distribution gives equal shares to each person at each generational level

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20
Q

Alienability

A

Can be transferred to someone

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21
Q

What is the difference between per stripes and per capita?

A

Amount of inheritance each person gets

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22
Q

Life Estate

A

Is an interest that has a duration measured by a human
life

(To A for life)

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23
Q

Common name of an owner of a life estate

A

Life tenant

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24
Q

What always accompanies a life estate?

A

future interest

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25
If a life estate is created in the grantor what will it be?
Reversion
26
Remainder
Future interest is created in someone other than the grantor
27
Can life estates be sold?
Yes
28
How much a life estate be measured?
By a human life, not of an animal or entity
29
What are 3 ways to say a life estate is being used to measure
- To A until death - To A until the duration of her death - To A for life
30
Tenancies
Terms of years
31
What are the types of tenancy?
- Tenancy at will - Periodic Tenancy - Terms of years
32
What two esrtates are Free Hold estates?
- Fee simple | - Life Estates
33
seisin
Gace the owner of a freehold estate privileges and obligations
34
What happend in fuedal England regarding seisin?
A freehold estate could only be transferred by ceremony
35
What is seisin now considered?
A bargain for sale
36
Statute Quia Emptors
Made fee timpe absolutely freely alienable
37
statute of uses
Undercut the ritual of seisin and permitted executory interests
38
Statute of wills
Allowed the transfer of real property by will
39
Statute of frauds
Intended to prevent fraud by requiring certain types of agreements and transactions be made in writing
40
Periodic tenancy period of time
created by language that is measured by fixed periods of time and automatically continues for successive periods of time until one ends it
41
Tenancy at will period of time
No fixed period of time - terminated when reither landlord or tenant dies - therefore it is of limited duration
42
The free tail
Potentially unlimited duration Traditional common law estate intended to keep land in a family -Passes to grantees -lineal decendants
43
In a Free Tail what happens if grantee's line ever dies out?
The land would revert back to grantor or the grantor's successor in interest
44
Bald man rule
A living person has to hairs | A living person has to heirs
45
What does to a and his heirs do?
Keeps it in the family
46
Defeasible interests
Interest tht will terminate on the happening of an uncertain event
47
What is defeasible?
Fee simple, life estate, or tenancy
48
When is Fee simple determinable created?
Created if the conditional language is phrased in terms of duration
49
Examples of conditional language phrased in terms of duration
"so long as" | "until"
50
Possibility of reverter under fee simple determinable
Future interest that accompanies fee simple determinable
51
Fee simple subject to condition subsequent
created if conditional language is phrased in terms of condition
52
What are terms of condition under fee simple subject to conditional subsequent?
"but if" | "on condition that"
53
What is the future interest that accompanies a fee simple subject to condition subsequent
right of entry
54
What can a future interest be?
right of entry
55
Distinction between fee simple determinable and fee simple subject to conditional subsequent
the way you terminate it
56
Fee simple determinable is terminated by
reverter acts automatically, once the thing that terminates it has happened
57
Fee simple subject to consideration subsequent
terminates only when the holder of the right of entry exercises her right t terminate the fee simple interest - the right of entry must be affirmatively exercised by future interests
58
When does the person become an AP under fee simple determinable?
immediately- the SOL starts immediately
59
Does a person become an AP under Fee Simple subject to condsideration subsequent?
No, SOL does not start immediately against the holder of the right - It starts when the holder of fee simple has rightful possession of the land and the holder arguably cannot be adverse to the right of entry holder
60
Term of years
Limited | Conveyance indication creation of an interest measured by a fixed period of time or a fixed calendar date
61
Term of years accompanying future interest
Remainder or Reversion
62
Periodic tenancy
Limited | conveyance indicating creation of an interest measured by successive periods of time
63
Accompanying future interests
Remainder or reversion
64
Tenancy at will
Limited conveyance indication creation of interest that sets no fixed time "to A for as long as we both desire
65
Accompanying future interest of tenancy at will
Remainder or reversion
66
Fee simple subject to executory limitation
- Potentially unlimited - conveyance that would create a fee simple determinable or fee simple subject to condition subsequent, but the future interest is held by a third person, rather than a grantor

Property (3 decks)

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