Real Property

Question 1

Define a fee simple absolute

Answer 1

absolute ownership with indefinite duration
1. “to A and his heirs…”
2. Characteristic: deivable, decenible and alienable

Question 2

What are the three Defeasible fees

Answer 2

1. Fee simple deteriminable
2. Fee simple subject to conditoin subsequent
3. Fee simple subject to executory limitation

Question 3

Define Fee simple deteriminable

Answer 3

Terminates upon happening of stated event and automatically reverts to grantor
1. “to A for so long as…orduring…or until…”
2. Characteristics: devisable, decendible and alienable
3. Grantor retains a possiblity of reverter

Question 4

Define Fee simple subject to conditoin subsequent

Answer 4

Can bet terminated by grantor upon happening of a stated event
1. “To A, upon condition that…or provdied that…or but if…or if it happens that…”
2. Characteristics: devisable, decendible and alienable
3. Grantor retains a right of entry or termination

Question 5

Define Fee simple subject to executory limitation

Answer 5

Terminates upon happening of a stated event, then passes to a third party
1. “To A, but if stated event happens, to B”
2. Characteristics: devisable, decendible and alienable
3. Termination is automatic and future interest in third party

Question 6

What are the two life estates

Answer 6

1. Life of grantee
2. Life estate pur autre vie

Question 7

Define Life of grantee

Answer 7

1. “To A for life…”
2. Characteristics: a) creates reversion in grantor or remainder or executory interest in third party; b)Life tenant entitled to ordinary uses but cannot commit wastes

Question 8

Define life estate paur autre vie

Answer 8

Measured by life other than grantee
1. “To A for life of B”
2. Characteristics: a) creates reversion in grantor or remainder or executory interest in third party; b)Life tenant entitled to ordinary uses but cannot commit wastes

Question 9

Define three forms waste (in life estates)

Answer 9

1. Affirmative or voluntary waste - actual overt conduct that decreases value of estate
2. Permissive waste or neglect - failure to protect or preseve land
3. Ameliorative waste - charnge that economically benefits property

Question 10

What are the three future interests in grantor

Answer 10

1. Possibility of reverter
2. Right of entry
3. Reversion

Question 11

Define Possibility of reverter

Answer 11

Follows fee simple determinable

Question 12

Define Right of entry

Answer 12

power to terminate follows a fee simple subject to condition subsequent

Question 13

Define reversion

Answer 13

resulting interest when grantor transfers an estate lesser than grantor had

Question 14

What are three future interests in grantee or thrid person

Answer 14

1. Vested remainders
2. Vested remainder subject to complete defeasance
3. vested reminder subject to open

Question 15

Define vested remainder

Answer 15

created in ascertained person and not subject to a condition precendent

Question 16

Define vested remainder subject to complete defeasance

Answer 16

remainderman’s interest could be cut short by condition subsequent

Question 17

Define vested remainder subject to open

Answer 17

remainder’s interest subject to diminution because additional, unascertained person(s) can qualifiy as class member

Question 18

Define contingent remainders

Answer 18

created in unascertained person or subject to condition precendent, or both

Question 19

What are the four elements of contingent remainders

Answer 19

1. Rule of destructibility of contingent remainders
2. Merger rule
3. Rule in Shelley’s case
4. Doctrine of Worthier Title

Question 20

Define rule of destructibility of contingent remainders

Answer 20

destroy contingent remainder becuase gap between preceding and succeeding interest caused by existence of condition precedent

Question 21

Define merger rule (contingent remainders)

Answer 21

destroy contingent remainder when one person acquires all present and future interests except contingent remainder

Question 22

Define rule in Shelley’s case (contingent remainders)

Answer 22

remainder to only grantee’s heirs of a life estate in grantee not recognized; grantee takes in fee simple

Question 23

define doctrine of Worthier Title (contingent remainders)

Answer 23

remainder in gerantor’s heirs becomes reversion in grantor

Question 24

What is the rule against perpetuities (RAP)

Answer 24

certain future interests are void if there is any possibility that the interst may vest more than 21 years after the death of a measuring life

Question 25

What are the four bright lines in the Rule Against Perpetuities?

Answer 25

1. Fertile octogenarian - presuption that a person is fertile no matter his or her age 2. Unborn widow - person's widow is not determined until death, so a disposition to the issue of the widow violates RAP 3. Class gifts - if interest of any class member may vest too remotely, whole class gift fails 4. Charities - gift from one charity to another will not violate RAP

Question 26

What are the three concurrent estates

Answer 26

1. Joint tenancy 2. Tenancy in common 3. tenancy by the entirety

Question 27

What are the four unities to create a joint tenancy

Answer 27

1. time 2. title 3. interest 4. possession + clear expression of right of survivorship

Question 28

In joint tenancy, what happens when one co-tenant dies

Answer 28

his or her interest automatically passes to the surviving joint tenant(s)

Question 29

In joint tenancy, is interest transferable, devisable or decendible?

Answer 29

Interest is transferable but not devisable or descendible

Question 30

What are the two ways to terminate a joint tenancy

Answer 30

1. Severance by inter vivos sale or conveyance 2. Partition - voluntary, partition in kind, and forced sale

Question 31

What is tenancy in common

Answer 31

1. Each co-tenants owns an individual part, whith the right to possess the whole 2. Interest is decendible, devisable, and transferable and no right of survivorship 3. Presumption favors tenancy in common

Question 32

What is Tenancy by the entirety

Answer 32

Marital estate that can be created only between married partners who share right of survivorship

Question 33

What are the special protections granted to tenancy by the entirety

Answer 33

creditors of one spouse cannot reach the tenancy, and a unilateral conveyance by one is invalid

Question 34

What are the six rights and duties of co-tenants

Answer 34

1. Possession - each co-tenant has right to possess the whole but no right to exclusive possession of any part 2. co-tenant in possession has right to retain prfits fron own use of the property but: a) must share net from third-party rent; b) must share net from net profits from exploitation of the land 3. each co-tenant responsible for fair share of taxes or mortgage interest payments 4. co-tenant who repairs is entitled to contribution for any reasonbly necessary repairs, so long as they have given notice 5. co-tenant who has made improvements has no affirmative right to contribution unless there is a partition 6. co-tenant must not commit waste