Present Possessory Estates
Defeasible Fees
Future Interests
RAP
Concurrent Estates
100
Name the 5 present possessory estates?
What is: Fee Simple Absolute, Fee Tail, FSD, FSSCS and Life Estate
100
What are the 3 kinds of defeasible fees?
What is FSD, FSSCS and FSSEL
100
What are the 5 types of future interests and who do they belong to?
What is: 1- Reversion - in Grantor 2- Possibility of Reverter - in Grantor 3- Right of Entry - in Grantor 4- Executory Interest - in Grantee 5- Remainders - in Grantee
100
What 3 future interests does RAP apply to?
What is: 1- certain contingent remainders 2- executory interests 3- vested remainders subject to open ** All uncertain interests are in grantees, but NOT all grantee interests are uncertain** **Executor interest that merges w remainder still must be analyzed against rule of perpetuities**
100
What are the 3 Concurrent Estates?
What is: Tenancy in Common, Joint Tenancy and Tenancy by Entirety.
200
For FSA: What is the future interest for O? For a third party? For Fee tail: What is the future interest for O? For a third party?
What is: FSA - no future interest Fee tail: O- Reversion Third party - Remainder
200
Which defeasible fee is not automatically terminated?
What is FSSCS
200
a - A remainder is _______ when the taker is known and not subject to a condition precedent. b - A remainder is _______ when the taker is unknown (un-ascertained) -OR- taker is subject to a condition precedent
What is: a- vested b - contingent
200
What future interests does RAP NOT apply to?
What is: 1- Future interests in O (possibility of reverter, right of entry and reversion) 2- indefeasibly vested remainders 3- vested remainders subject to complete defeasance
200
What are the 4 unities needed to create a joint tenancy, and what must be stated by the grantor?
What is: 1- Time 2- Title 3- Identical Interests 4- Right to possess the whole Grantor must clearly state the right of survivorship
300
A ______ is an estate that is measured by the life of another
What is Life Estate per autre vie
300
a - What are the 2 types of executory interests, and whose interest do they cut short?
What is: 1. Shifting- cuts off interest of someone other than Grantor (O) 2. Springing - cuts off interest of Grantor (O)
300
What is the future interest when grantor conveys LESS than he/she has?
What is Reversion
300
What are the 3 red flags for RAP?
What is: 1. Fertile Octogenarian (FO) ex) O-->A and her issue, but if her issue ever runs out then to the daughters of G (aged 88) (G has 4 living daughters) VOID 2. Unvorn Widow (UW) ex) T in will “to A for life, then to A’s widow for life, then to the issue of A” VOID 3. Charitable Executory interest exception (CE) ex) O-school board while used for a school, the to b VOID
300
A joint tenancy may be severed by sale. What is the other way JT may be severed? (what are the three ways to accomplish this?)
What is: Partition: 1- voluntary agreement- most peaceful 2- Partition in kind - court action for physical division if in best interest of JTs 3- Partition by sale - forced sale by which proceeds are proportionally divided up among JTs
400
On Ns first bday, aunt r conveys deed to Ns mom, M…deed conveys to M for life, then to N is she reaches age 25. deed properly executed and recorded 10 years later M dies leaving N as sole heir. aunt r and N are still alive which best describes N's property interest when M died?
What is: N has a springing executory interest **N can be measuring life- doesn't violate RAP< N is a life in being will vest or fail w/in N's lifetime**
400
What are the three types of waste, and briefly describe them.
What is: 1 - Voluntary / Affirmative Waste - willful acts of destruction ( Liability results from acts that substantially reduce the value of the property in question) 2- Permissive Waste (Neglect) - arising from failure to act (Negligence) ex) Failure to take reasonable care of the property ex) Failure to pay real estate tax is waste → resulting in forfeiture 3- Ameliorative Waste - Life tenant must not engage in conduct that will enhance premises value (unless all future interest holders consent)
400
I own a smal l house. My daughter has just graduated from college, and I want to give it to her as her first home. However, she isn’t married yet, and I haven’t really approved of most of the men she has dated. I want to be able to take the house back if she should marry someone I think will induce her to squander her equity in the home. How can I do that?
What is: “O to daughter, but if daughter marries, O has the right to re-enter.”
400
What are the 4 steps to determining whether RAP apply?
What is: 1.SEE IF RAP DOES NOT APPLY IE.GRANTOR RETAINED INTEREST (REVERSION, POSS OF REVERTER, RIGHT OF ENTRY) OR VESTED AND CLOSED 2.IDENTIFY VULNERABLE INTERESTS- ELIMINATES RAP WHEN ITS NOT AN ISSUE 3.SEE IF THE VULNERABLE INTEREST VIOLATES RAP 4.IF SO , STRIKE VOID PORTION
400
Using the following conveyance: O→A for life, then to B and C a- what type of co-ownership does this establish? b- what is the future interest?
What is: a- tenancy in common b- remainder in B and C *Anything that is ambiguous in regards to tenants is tenants in common by (default)* *In US, there is never a presumption of joint tendency*
500
The following questions are based on the conveyance below: O--> A for life, but if A divorces B, then to C for the life of A 1- what is A's possessory interest? 2- What is O's interest? 3- What is C's interest?
What is : 1- Life estate subj to executory limitation 2- Reversion 3- An executory interest in life estate per A (or per autre vie) **when A's life is over, have residual future interest** **once life estate ends, reversion occurs**
500
1. Name 4 examples of words or phrases of “temporal limitation,” that is, words or phrases that signal a determinable estate. 2. Name 4 examples of words or phrases of “express condition,” that is, words or phrases that signal an estate subject to a condition subsequent.
What is: 1 - so long as, until, while and during 2- but if, provided that, on condition that and however
500
T--> B for life and if B has surviving kids, then to Bs kids, but if B has no surviving kids, then to C and his heirs when T dies, survived by D who is sole heir Both B and C were alive when T died 2 yrs later c died before b and w/o a will, when c died, e became her sole heir, few days later b who died childless, left w as sole heir d, e and w all claim an ownersip interest in the land. If ownership is contested, how should court rule?
What is: E is entitled to the land
500
State whether the following conveyances are void or valid under RAP: 1- 1. O to School Board while used as a school, then to B. 2. 2. O to School Board for so long as used for school purposes, otherwise to Habitat for Humanity
What is: 1- Void, This is NOT charity to charity since B is not a charity. 2- Valid-both original and subsequent Grantees are charitable (Charity to Charity Exception applies) **Note that government entities count as charitable entities**
500
What was the rule in Riddle v Harmon? What did it allow a person to do?
What is: Did away with need for strawman - joint tenants should be able to accomplish alone what they could accomplish with another person Change a joint tenancy --> tenancy in common
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