Property Ownership

Question 1

three different ways property can be transferred

Answer 1

sale
devise (will)
intestate (no will)

Question 2

ownership interest

Answer 2

interests dividing in time between present interests and future interest

Question 3

Fee simple Abosolute

Answer 3

Largest posessory estate, that lasts forever

Question 4

how to create a fee simple

Answer 4

look for words like “heirs”
also not required, default is a fee simple (if ambiguioius)

Question 5

ambigious language presumption

Answer 5

fee simple
CT assumes that the grantor conveys the most she has

Question 6

is there a future insteres associated with a fee simple?

Answer 6

No

Question 7

types of Defeasible fees

Answer 7

1. fee simple absolute
2. fee simple determinable
3. fee simple subject to subeqeunt condition
4. fee simple sibject to executory interest
5. executory interest

Question 8

what is a defeasible fee

Answer 8

fee’s that may be termiated by the occirance of an event

can last forever but a condition will “cut” it short

Question 9

fee simple Determinable

Answer 9

limited by a specific duration

Question 10

examples of durational langauge (fee simple determinible)

Answer 10

while
so long as
during
untill

Question 11

how long does a durational fee last

Answer 11

a FSD lasts until the period in play, but as soon as that period ends the fee simple breaks

Question 12

fee simple subject to conditional subsequent

Answer 12

limited by a specific condtional langauge

the grantor must exercise a right in order to take posession (1. condition met 2. claim property)

Question 13

words that indicate condition for a fee simple conditional

Answer 13

but if
provided that
on the condition that

Question 14

example of fee simple subject to condition subseqent

Answer 14

oliver conveys blackacre to anna but if the land is not farmed oliver may reenter and re take the propoerty

oliver can take possesion when condition is met and oliver reclaims

Question 15

Future interest assoicated with defeasible fees

Answer 15

possibility of reverter
right of entry

Question 16

Possibility of reverter

Answer 16

future interest is held by the grantor following a fee simple determinable

possibility is just old historical jargon for this dont get worked up

Question 17

when does interest vest with possibility of reverter?

Answer 17

automatically (goes back to grantor)

Question 18

example of possibility of reverter

Answer 18

oliver converys blakcacre to anna and her hiers so long as the land is used as a public park

oliver has possibility of reverter, if the land is not used as a part the interst vests in oliver as a fee simple bc it reverts back to the grantor

Question 19

executory interest

Answer 19

future interest will cut short or terminate an earlier divest

Question 20

what is the term for a future interest following a fee simple determinable that is held by a third party rather than the grantor

Answer 20

an executory interest

Question 21

right of entry

Answer 21

future interest held by grantor following a fee simple subject to conditional subsequent

Question 22

when does interest vest in an right of entry

Answer 22

the propoerty must be reclaimed, does not work automatically

Question 23

another term for right of entry

Answer 23

termination

Question 24

fee simple subject to an executory interest

Answer 24

when a fee simple ends bc of a event and the future interest vests in a third party

Question 25

how to determine if something is fee simple subject to executory interest or conditional

Answer 25

first look to holds the future interest to distinighs a FSAEI, which will be a third party, for a FSSCS, the grantor holds

Question 26

What is a life estate

Answer 26

a present estate that is limited by a life

Question 27

example of life estate

Answer 27

anna for life to anna for bens life ## Footnote 1) anna's life is the limiting life 2) bens life is the limiting life

Question 28

are life estates transferrable

Answer 28

yes but not through will or intestate

Question 29

why cant a life estate transfer by will

Answer 29

becuase life estate ends at tenants death

Question 30

future interest in grantor following a life estate

Answer 30

it is a reversion (limiting life to grantor)

Question 31

reversion -> life estate

Answer 31

when the grantor has a future posessory intrestes

Question 32

future interest third party in life estate

Answer 32

remainder

Question 33

three kinds of waste

Answer 33

affirmative permissive amerloirative

Question 34

affirmative waste

Answer 34

waste casued by voluntary condcut which causes a decrease in value

Question 35

permissive waste

Answer 35

Waste caused by negligence which causes a decrease in value

Question 36

ameliorative waste

Answer 36

waste that occurs when a person changes the propoerty and it increases the value of the property

Question 37

issue spotting waste questions

Answer 37

1) do multiple parties have simultaneous interests (ie future / life tentant or landlord v tenant) 2) is there a change in the value of the property due to the actions/ inactions of the party in posession 3) will the waste substantially change the interest taken by the party out of posession?

Question 38

what is a remainder

Answer 38

a future interest that follows a life estate think passive and patient.

Question 39

two types of remainders

Answer 39

contingent vested

Question 40

vested remainder

Answer 40

1) given to an acertainble grantee 2) NOT subject to a condition precedent needs to meet both requirements otherwise = contingent

Question 41

contingent remainder

Answer 41

a remainder that goes to a unidentified beneficiary or a remainder that is subject to a condition

Question 42

what is the value of a vested remainder vs contingent remainder?

Answer 42

a vested remainder you can pass vested property

Question 43

reversion

Answer 43

when a contingent remainder (one subject to a condition) is not vested reversion to grantor

Question 44

vested remainder subject to open

Answer 44

vested remainder in a class gift and full class membership is unknown at least one person in the class must be vested for it to be subject to open

Question 45

contingent remainder

Answer 45

when no one in a class has vested

Question 46

does rule of perpituties apply to vested remainders subject to open

Answer 46

Yes with the rule of convienence

Question 47

rule of convienence

Answer 47

class closing mechianisim to avoid RAP to a class gift

Question 48

when does rule of convience apply

Answer 48

if a grant does not have an express closing date the rule of conveience closes the class when any member of the class becomes intitled to immediate possession

Question 49

doctrine of worthier title

Answer 49

prevents agasint grantors hiers creates a presumption of reversion to the grantor

Question 50

Rule Shelley's Case

Answer 50

prevents agasint remainders in a grantees heirs uses doctrine of merger to create a fee simple

Question 51

Is executory interest subject to RAP

Answer 51

YES

Question 52

Two types executory interest

Answer 52

springing shifting

Question 53

springinging executive interest

Answer 53

EI that devists to the Grantor

Question 54

Shifting executory interest

Answer 54

divests a prior grantee

Question 55

identifying a shifting executory interest

Answer 55

if there are three parties (grantor +grantee+grantee) likely shifting EI the grantee will diverst another grantee (EI shifting from one grantee to another)

Question 56

identifying a Springing Executive interest

Answer 56

if there are two parties (grantor and grantee) it is most likley a spriniging executory intrest bc the grantee will divest to grantor