Real Property Flashcards
(169 cards)
What are the four different ways property can be transferred (i.e., alienated)?
- By Sale
- By Gift
- By Divise (will)
- Gifts in a will are effective when the decedent dies
- Intestate Succession
Ownership interests are divided in time between present interests and **future interests. **Someone must be in possession of the property ______________.
At all times
Fee simple is the _____________ posessory estate, because it is capable of _____________.
- Largest
- lasting forever (inheritable)
What language creates a fee simple?
- “And his/her heirs”
- If ambiguous, a fee simple is created because fee simple is the default estate.
A defeasible fee is ownership of potentially infinite duration. But, unlike a fee simple absolute estate, a defeasible fee _____________________.
May be terminated by the occurrence of an event
What language creates a Fee Simple Determinable? Provide some examples.
- Limited by specific **durational **language
- Examples:
- “to A so long as”
- “to A while”
- “to A during”
- “to A until”
What language creates a Fee Simple Subject to Condition Subsequent?
- Limited by specific **conditional **language
- Examples:
- “To A, but if”
- “To A, provided that”
- “To A, on the condition that”
- Look for language that suggests that the grantor must exercise a right in order to take possession
What is the Possibility of Reverter? The interest vests ___________.
A future interest held by a grantor following a fee simple determinable.
- Automatically
What is the Right of Entry? The interest must be _______________.
A future interest held by the grantor following a fee simple subject condition subsequent.
- Reclaimed
A fee simple subject to executory interest will __________________________________.
end upon the happening of an event and future interest will vest in a third party.
What is an executory interest?
Future interest that will cut short, or terminate (divest), an earlier interest
What is a life estate?
A present possessory estate that is limited by a life.
Who is the measuring life for a life estate?
- Grantee - Life Estate
- Third Party - Life Estate Pur Autre Vie
What language creates a Life Estate?
- “For life”
- If ambiguous, look for the grantor’s intent to create an estate that will end upon the death of the measuring life.
- How does the life estate end?
- Can a life tenant, who is the measuring life, pass the property by will?
- Can a life tenant, who is the measuring life, pass the property by intestate succession?
- Death
- No
- No
What is a reversion?
When possession of the land goes back to the grantor after the life estate ends.
What is a remainder?
When possession of the land goes to a third party after the life estate ends.
What are the three types of waste?
- Affirmative Waste - waste caused by voluntary conduct, which causes a decrease in value
- Permissive Waste - waste caused by neglect toward the property, which causes a decrease in value
- Ameliorative Waste - Where the life tenant or other person in possession changes the use of the property and actually increases the value of the property.
In what situations does waste apply?
Where multiple parties have simultaneous interests.
Examples:
- Estates
- Future Interests
- Landlord-Tenants
- Concurrent Estates
- Mortgage
What is a concurrent interest?
Ownership or possession of real property by 2 or more persons simultaenously
Concurrent owners each have right to use/possess the _______________. Except the _____________.
- whole of the property
- concurrent owners can contract out of the basic rule
In a Tenancy in Common, concurrent owners have _____________________ interests in the property, but no _________________.
- seperate, but undivided
- right of survivorship
A joint tenancy differs from a tenancy in common because it has ___________________.
A right to survivorship (the suriving joint tenant automatically takes the deceased tenant’s interst).
To create a joint tenancy, four unities must be in place:
- P - possession (requires every joint tenant to have an equal right to possess the whole of the property)
- I - interest (joint tenants must have an equal share of the same type of interest)
- T - time (joint tenants must receive their interests at the same time)
- T - title (joint tenants must receive their interests in the same instrument of title