Help
Options
Question
Two types of estates
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Question
Fee simple absolute
Remaining cards (71)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Bar Exam_
| Question | Answer |
|---|---|
| Two types of estates | present estates and future interests |
| Fee simple absolute | runs forever and fully alienable |
| Attempts to put a direct restraint on alienation are | void |
| conditions on the exercise of a fee simple are | okay |
| A right of first refusal is not | an invalid restraint on alienation |
| Courts will presume a ____ unless language shows a clear intent to create another estate | fee simple |
| What does an estate always have? | Right of possession |
| Life estates are never measured by | time |
| to Lucia and Lynda after the death of my faithful wife lady bird | implied life estate |
| measuring life by the life of someone other than the life estate holder: | life estate pur autre vie |
| To A for the life of B; A dies the estate passes to | A's estate |
| To A for life; A sells to B and B dies; estate goes to | B's estate |
| Forfeiture restrictions on life estates are | ok |
| Language that would terminate a life estate if holder tries to transfer it _____ violate the rule prohibiting restraints on alienation | does not |
| All te life tenant can do is ____ the estate, and that means continuing the _____ _____ of the land in its present condition | maintain; normal use |
| Three types of waste | voluntary waste; permissive waste; ameliorative waste |
| Any affirmative action beyond the right of maintenance causing harm to the premises | voluntary waste |
| Open mines doctrine | depletion of natural resources is waste unless the normal use of the land was to deplete them |
| sale of crops or other harvestable items is | not waste |
| Where tenant has failed to maintain | permissive waste |
| To avoid permissive waste | repair (not replace); pay taxes; pay interest on mortgage |
| Life estate mortgage | Life estate pays interest and future interest pays principle |
| A tax sale | terminates a future interest |
| Limitation on life tenant's liability | life tenant's obligation is limited to the amount of income received from the land or, if the life tenant is personally using the property, the reasonable rental value of the land |
| Insurance for life estate | tenant does not have to insure property |
| Ameliorative waste | increases the value of the property |
| If changed conditions have made the property relatively worthless in its current use, the life tenant | can tear it down without liability to the holder of the future interest |
| 3 rules of class gifts | members of class who predecease T are eliminated and do not recover; once class is established when will is executed, class stays open to accommodate those who late meet definition of class member; class closes when any one of is entitled to distribution |
| Rule of convenience | is a rule of construction only and can be modified by T |
| 5 future interests | reversion; possibility of reverter; right of entry; Remainder; Executory Interest |
| Interest kept by grantor is less than the durational estate the grantor had | reversion |
| O to A for life. Later A grants the property to B for life | O = reversion; A = reversion for life; B = life estate |
| O to A for life; then to B and his heirs if B survives A. | O = reversion; A = life estate; B = contingent remainder |
| Reversion is not | certain to send the property back to O, it may or may not go back depending on the circumstances set in the grant |
| RAP and reversion | Reversions are not subject to the RAP and can be transferred freely |
| Possibility-of-Reverter | occurs whenever grantor gives a fee simple determinable |
| Fee simple determinable ends automatically | when the condition happens |
| Possibility-of-Reverter and RAP | Possibility of reverter is never subject to RAP and is freely transferable |
| Possibility-of-Reverter language (4) | so long as, while, during, until |
| Right of Entry (Power of Termination) | when grantor gives a fee simple on a right of entry, grantor keeps a right of entry |
| Fee simple on a condition subsequent | when the language gives to grantee with a condition introduced by "provided however" and gives O the right to "go and retake" the property, it is a fee simple on a condition subsequent; "but if" or "upon condition that" |
| Right of Entry (power of termination) is ignored if | grantor did not reserve a right of entry |
| O and his heirs, provided that liquor is not sold on the premises | fee simple absolute |
| ambiguous language between fee simple determinable and fee simple on a condition subsequent | fee simple on a condition subsequent |
| Right of Entry and RAP | not subject to RAP but cannot be transferred inter vivos (can by will) |
| Language "for the purpose of" | has no effect on title |
| Remainders are given to | grantees |
| Three types of remainders | Vested remainder; vested remainder subject to open; contingent remainder |
| Vested remainder | nothing stands in the way of its becoming possessory on the expiration of the estate that comes before it |
| Vested remainder subject to open | where the remainder interest is to a class whose members are not yet fully known the class remains open to allow for future persons who qualify as members of the class |
| Contingent remainder | something has to happen or be known before the remainder can become possessory |
| 3 types of contingent remainders | condition; grantee not in existence; identity of exact taker unknown |
| O to A for life then to B and his heirs if B is 21 on A's death. B has a | contingent remainder via condition |
| O to A for life then to A's children. A has no current children. A's future children have a: | contingent remainder via grantee not in existence |
| O to A for life, then to A's widow. A is married to B. A's widow | has a contingent remainder via identity of the exact taker unknown because the widow cannot be identified until the husband dies |
| Vested and contingent remainders will become possessory, if at all, | |
| Operates to cut short the estate that comes before it, does not come into possession at the natural expiration of the earlier estate | executory interest |
| O to A for life, then to B and his heirs; but if at B's death B is not survived by issue, then to C and her heirs. B has a | vested remainder subject to an executory interest |
| Holder of an executory interest cannot: | sue a life tenant for waste |
| Springing executory interest | if the executory interest operates by taking title from the grantor and giving it to a grantee |
| shifting executory interest | if an executory interest operates by taking title from one grantee and giving it to another grantee |
| RAP | look at the facts and ask: could everyone alive at the time of the grant die, and 21 years pass, before the interest might vest? If yes, void. |
| Validity of a grant for purposes of the RAP is determined at | time of creation; it does not matter if the interest actually vests within the allotted time |
| Perpetuity Saving Clause | saves a grant from being voided by RAP by making sure the vesting must occur within the time period of the rule; usually works by keeping a reversion in the grantor after 21 years |
| Options and rights of first refusal/RAP | can violate the RAP if they could be exercised outside the time period |
| Charity to Charity exception to the RAP | RAP is never violated if the gift is over from one charity to another charity |
| Age Contingencies in open classes/RAP | watch for facts where the class is open and the gift over is contingent on a class member reaching a certain age (age limit of 30) |
| RAP/class gifts | if the RAP operated to void the gift-over to one member of the class because of the possibility that the interest might vest outside the time period, then all members of the class lose, even those who already satisfied the condition |
| O to A for life, then to A's widow for life, then to A's children who are then living | unborn spouse problem |
| O to A for life, then to A's widow for life, then to A's children | No problem with RAP; vested remainder occurs upon birth |
| Wills/RAP | RAP problem is looked at upon testator's death |
Created by:
MarieB