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45 Cards in this Set
- Front
- Back
What is an ESTATE in land?
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It is an INTEREST that IS or MAY become possessory.
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How MANY possessory estates can exist at one time?
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Only ONE.
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What are FUTURE INTERESTS?
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Interests which may become possessory at some future time.
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What is the legal effect of a FREEHOLD ESTATE?
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A Freehold Estate gives POSSESSION through LEGAL TITLE or a RIGHT TO HOLD.
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What is the legal effect of a NON-FREEHOLD ESTATE?
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a Non-Freehold Estate gives mere POSSESSION.
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What is an ESTATE in land?
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It is an INTEREST that IS or MAY become possessory.
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How MANY possessory estates can exist at one time?
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Only ONE.
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What are FUTURE INTERESTS?
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Interests which may become possessory at some future time.
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What is the legal effect of a FREEHOLD ESTATE?
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A Freehold Estate gives POSSESSION through LEGAL TITLE or a RIGHT TO HOLD.
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What is the legal effect of a NON-FREEHOLD ESTATE?
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a Non-Freehold Estate gives mere POSSESSION.
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DEFINE: Fee Simple Absolute
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FSA:
1) Is most extensive estate 2) Has potentially infinite duration |
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DEFINE: FEE
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Fee:
Indicates an estate of inheritance. |
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DEFINE: SIMPLE
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Simple:
Signifies there are NO RESTRICTIONS on the estate -- with respect to INHERITANCE. |
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DEFINE: WORDS of INHERITANCE
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Words of Inheritance:
Designate the estate TRXFRD 1) required at CL 2) EXCEPT in conveyance by will |
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DEFINE: WORDS of LIMITATION
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Words of Limitation:
Designate the FACT that the GRANTEE acquires an estate in FEE. |
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DEFINE: WORDS of PURCHASE
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Words of Purchase:
Indicate an intention to convey an estate to a specific person. |
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DEFINE: FEE SIMPLE DETERMINABLE
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Fee Simple Determinable:
~ Freehold estate ~ & Fee Simple Estate ~ Created to continue UNTIL some specified event occurs ~ Terminates AUTOMATICALLY. |
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FSD: WORDS of CREATION
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FSD phrases:
1) so long as 2) during 3) until 4) while |
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KEY FACTOR: for creation of an FSD?
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KEY to FSD:
~ The INTENT of the GRANTOR ~ As expressed in the CONVEYANCE |
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DEFINE: POSSIBILITY of REVERTER
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Possibility of Reverter:
~ The interest left in Grantor ~ Who has conveyed a FSD |
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DEFINE: FEE SIMPLE on CONDITION SUBSEQUENT
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FSCS:
~ Freehold Estate ~ & Fee Simple Estate ~ May be TERMINATED upon the happening of a NAMED event ~ By Grantor OR his successor in interest ~ BUT the estate CONTINUES ~ UNTIL Grantor-Future Int. holder EXERCISES the RIGHT of ENTRY or POWER of TERMINATION |
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FSCS: WORDS of CREATION
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FSCS:
~ "on condition that" ~ "subject to the condition that" ~ "but if" |
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What is a REVERTER CLAUSE?
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A REVERTER CLAUSE:
~ Is appended to the FSCS and ~ Establishes the right of reentry in the Grantor / Future Interest Holder |
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Is an EXPRESS reverter essential to create an FSCS?
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NO.
~ An express reentry clause is NOT essential to create an FSCS. ~ Extrinsic Evidence IS admissible to resolve an ambiguity @ the true intention of the Grantor - when a reentry clause is not present |
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DEFINE: RIGHT of ENTRY
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Right of Entry:
~ Is a Power of Termination ~ That can ONLY be created in favor of GRANTOR or his HEIRS. ~ The EXERCISE of which EFFECTUATES a TERMINATION of the GRANTEE's estate. |
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Which FUTURE INTERESTS are subject to RAP?
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Subject to RAP?
* Possibility of Reverter = N0 * Right of Entry = NO ~ Executory Interest = YES |
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DEFINE: FEE SIMPLE subject to EXECUTORY INTEREST
{Fee Simple on Executory Limitation} |
FSEI:
~ Fee Simple estate ~ Where upon the happening of a named event ~ Ownership passes ~ From GRANTEE to a 3rd PARTY (i.e. someone OTHER than GRANTOR) |
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DEFINE: EXECUTORY INTEREST
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Executory Interest:
~ Interest created when a RIGHT of ENTRY is granted to a 3rd PARTY ~ Following a grant of a FDS or FSCS to the GRANTEE. |
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FSEI: WORDS of CREATION
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"THEN TO" following EITHER:
FDS: *until; *so long as; *during; *while FSCS: *upon condition that; *but if; *provided that |
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DEFINE: SHIFTING executory interest
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Shifting Executory Interest:
~ Future Interest ~ Where right to POSSESSION SHIFTS from one GRANTEE to another |
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DEFINE: SPRINGING executory interest
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Springing Executory Interest:
~ Future Interest ~ Where right to possession ~ SHIFTS back to GRANTOR ~ For ANY amount of TIME ~ Then SPRINGS from GRANTOR to a NEW GRANTEE |
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DEFINE: FEE TAIL
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Fee Tail:
~ Freehold estate ~ & Fee estate ~ Inheritance is restricted to a particular group of LINEAL descendants of the GRANTEE |
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Fee Tail: WORDS of CREATION
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Fee Tail:
"and the heirs of his body" |
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Fee Tail: 4 Types
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Types of Fee Tails:
1) Male: male grantee - male heirs 2) Female: female grantee - female heirs 3) Special: grantee - heirs by a particular spouse 4) General: grantee - heirs by any spouse |
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DEFINE: LINEAL HEIRS
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Lineal Heirs:
* sons * daughters * grandchildren * great-grandchildren |
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DEFINE: COLLATERAL HEIRS
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Collateral Heirs:
* cousins * nieces / nephews * uncles / aunts |
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KEY FACTOR: of fee tail
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Fee Tail Key:
~ Estate is not freely alienable ~ Fee owner may only alienate the estate for the duration of his lifetime ~ Estate then passes to his lineal heirs |
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DEFINE: EXPIRE as it relates to a fee tail
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Fee Tail -- "Expire"
~ Since estate can only pass to lineal heir ~ The estate may "expire" when their are NO ELIGIBLE lineal heirs {of grantee} remaining |
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DEFINE: LIFE ESTATE
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Life Estate
~ Freehold estate ~ Duration is measured by the life/lives of one of more human beings |
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DEFINE: Life Estate PUR AUTRE VIE
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Life Estate Pur Autre Vie:
~ Freehold Estate ~ Duration is measured by life of someone other than GRANTEE |
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DEFINE: USE FACTOR for Life Estates
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Life Estate - Use Factor:
~ Life Tenant is entitled to beneficial use of the land ~ But may not act to impair the value of the estates and interests owned by others in the same land |
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DEFINE: DAMAGE FACTOR for Life Estates
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Life Estate - Damage Factor
~ Life Tenant is NOT responsible for damage to the LAND caused by 3RD PARTIES. ~ Life Tenant MAY RECOVER damages from 3rd parties ~ BUT the AMOUNT of damages recoverable are MEASURED BY & LIMITED TO the INTEREST held by the LIFE TENANT |
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DEFINE: INSURANCE FACTOR for Life Estates
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Life Estate - Insurance Factor
~ Life Tenant is NOT under a DUTY to INSURE the estate |
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DEFINE: DEBT & TAX FACTORS for Life Estates
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Life Estate - Debt & Tax Factors
~ Life Tenant IS under a DUTY ~ To pay INTEREST on indebtedness ~ That constitutes a LIEN on the property ~ & To pay ORDINARY TAXES as they accrue |
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DEFINE: IMPROVEMENTS FACTOR for Life Estates
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Life Estate - Imporvement Factor
~ ASSESSMENTS for PERMANENT IMPROVEMENTS ~ Are APPORTIONED b/t the LIFE Tenant and the FUTURE interest holders |