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Property 1

Estates in Land

Three Interests in Land Estate, Easement, and Restrictive Covenant
Estates with future rights of possession Future interests
The freehold estates are: Fee Simple, Life Estate, and Fee Tail
Duration of Fee Simple Absolute Potentially infinite
Ownership of FSA requires that there be no direct restraints on ________________ Transfer of ownership--must be fully alienable
If you attempt to put a direct restraint on alienation of an FSA, what result? The restraint is void and you ignore the restriction
FSA: Restraints on alienation are void, but _______ are OK. Conditions
Are rights of first refusal on FSAs valid? At common law, no--but modern exception upholds.
What language is required to create a FSA? At C/L, "to A and her heirs," or no FSA and instead creates life estate. Majority change today will presume FSA is granted unless language shows clear intent to do otherwise.
At C/L, how was a fee tail created? "To A and the heirs of her body" OR "To A and her bodily heirs." Modern presumption creates a FSA with this language (unless asked on the Bar to apply the C/L rule).
Is the Fee Tail recognized in Georgia? No; abolished by statute
A life estate is measured by _____, not by _________. Life; time
Life estates may be created __________ or by ________. Expressly; implication
"To John and Bill after the death of my wife Nancy" creates a ______________. Life estate by implication
A life estate pur autre vie is measured by ________. The life of another
At C/L, what happens if the life tenant dies before the measuring life in a life estate pur autre vie? Seisen is vacant, so anybody takes.
Under the modern majority statutory change, what happens if the life tenant dies before the measuring life in a life estate pur autre vie? The life estate passes to the life tenant's estate under the measuring life ends.
Does the modern rule allow restraints on alienation of life estates? Yes
The general rule is that a life tenant must _____ the estate. Maintain
Define voluntary waste Affirmative action beyond the right of maintenance that causes harm to the premises
Maintenance of a life estate allows the life tenant to continue __________ use of the land, but any __________ of use constitutes ___________. Normal; change; voluntary waste
Can a life tenant deplete natural resources on the land? No, unless consumption of natural resources constitutes a normal use of the land (open mines doctrine).
Define permissive waste A life tenant's failure to take necessary action to maintain the premises
A life tenant has an obligation to make _________ but not __________. Ordinary repairs; replacement
A life tenant's repair obligation is limited to ______. The amount of rents and profits received from the land
If there are no rents and profits, the life tenant's repair obligation is limited to _____________ if the life tenant is ________. Reasonable rental value of the land; using the land
If a life tenant is receiving no income from the property and is not otherwise using the property, does the life tenant have repair obligations? No
Must a life tenant pay taxes on the property? Yes, but only to the amount of rents and profits received. If no rents and profits, then up to a reasonable rental value for the land if the land is being used. Does not have to pay any taxes if not using the land and collecting no profits.
If a life tenant fails to pay taxes on the estate, what are the consequences for the party holding the future interest on the MBE? Under Georgia law? On MBE, the future interest will be eliminated by the tax sale. Under Georgia law, only the life estate is forfeited.
Are life tenants obligated to pay the mortgage on the property? Life tenants must pay the interest but not the principal. Interest payments are subject to the same limitations as repair and tax obligations re: life tenant's profits and use.
Does a life tenant have to insure the property? No, but a life tenant does have an insurable interest.
Define ameliorative waste The life tenant alters the property substantially but life tenant's activity increases the value of the land
Under what conditions may a life tenant alter the property without incurring liability to the holder of the future interest? When changed conditions have made the property relatively worthless
What is the modern significance of seisin? Determining who is liable for taxes on the property
Future interests ________ now, but _________ will take place, if at all, until sometime in the future. Exist; possession
Future interests retained by the grantor include: Reversion, possibility of reverter, and right of entry
Future interests retained by the grantee include: Remainder, executory interest
A Reversion in the Grantor occurs whenever ________. The Grantor conveys away less than the full durational estate the Grantor has.
O conveys Blackacre to A for life. A then conveys Blackacre to B for life. Who will take possession if B predeceases A? What is that person's interest before B dies? A will retake; A had a Reversion for life
A fee simple determinable _____________ on the occurrence of some event. Ends automatically
What magic words identify a fee simple determinable? So long as, while, during, until
Whenever a Grantor conveys a fee simple determinable, the Grantor automatically retains ________. A Possibility of Reverter
When does a Fee Simple on Condition Subsequent terminate? When the Grantor exercises his Right of Entry
Created by: bmink
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