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Property 1
Estates in Land
| Question | Answer |
|---|---|
| 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 |
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