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45 Cards in this Set

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What is an ESTATE in land?
It is an INTEREST that IS or MAY become possessory.
How MANY possessory estates can exist at one time?
Only ONE.
What are FUTURE INTERESTS?
Interests which may become possessory at some future time.
What is the legal effect of a FREEHOLD ESTATE?
A Freehold Estate gives POSSESSION through LEGAL TITLE or a RIGHT TO HOLD.
What is the legal effect of a NON-FREEHOLD ESTATE?
a Non-Freehold Estate gives mere POSSESSION.
What is an ESTATE in land?
It is an INTEREST that IS or MAY become possessory.
How MANY possessory estates can exist at one time?
Only ONE.
What are FUTURE INTERESTS?
Interests which may become possessory at some future time.
What is the legal effect of a FREEHOLD ESTATE?
A Freehold Estate gives POSSESSION through LEGAL TITLE or a RIGHT TO HOLD.
What is the legal effect of a NON-FREEHOLD ESTATE?
a Non-Freehold Estate gives mere POSSESSION.
DEFINE: Fee Simple Absolute
FSA:
1) Is most extensive estate
2) Has potentially infinite
duration
DEFINE: FEE
Fee:
Indicates an estate of inheritance.
DEFINE: SIMPLE
Simple:
Signifies there are NO RESTRICTIONS on the estate -- with respect to INHERITANCE.
DEFINE: WORDS of INHERITANCE
Words of Inheritance:
Designate the estate TRXFRD
1) required at CL
2) EXCEPT in conveyance by will
DEFINE: WORDS of LIMITATION
Words of Limitation:
Designate the FACT that the GRANTEE acquires an estate in FEE.
DEFINE: WORDS of PURCHASE
Words of Purchase:
Indicate an intention to convey an estate to a specific person.
DEFINE: FEE SIMPLE DETERMINABLE
Fee Simple Determinable:
~ Freehold estate
~ & Fee Simple Estate
~ Created to continue UNTIL
some specified event occurs
~ Terminates AUTOMATICALLY.
FSD: WORDS of CREATION
FSD phrases:
1) so long as
2) during
3) until
4) while
KEY FACTOR: for creation of an FSD?
KEY to FSD:
~ The INTENT of the GRANTOR
~ As expressed in the CONVEYANCE
DEFINE: POSSIBILITY of REVERTER
Possibility of Reverter:
~ The interest left in Grantor
~ Who has conveyed a FSD
DEFINE: FEE SIMPLE on CONDITION SUBSEQUENT
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
FSCS: WORDS of CREATION
FSCS:
~ "on condition that"
~ "subject to the condition that"
~ "but if"
What is a REVERTER CLAUSE?
A REVERTER CLAUSE:
~ Is appended to the FSCS and ~ Establishes the right of reentry in the Grantor / Future Interest Holder
Is an EXPRESS reverter essential to create an FSCS?
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
DEFINE: RIGHT of ENTRY
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.
Which FUTURE INTERESTS are subject to RAP?
Subject to RAP?
* Possibility of Reverter = N0
* Right of Entry = NO
~ Executory Interest = YES
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)
DEFINE: EXECUTORY INTEREST
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.
FSEI: WORDS of CREATION
"THEN TO" following EITHER:
FDS:
*until; *so long as; *during; *while
FSCS:
*upon condition that; *but if; *provided that
DEFINE: SHIFTING executory interest
Shifting Executory Interest:
~ Future Interest
~ Where right to POSSESSION SHIFTS from one GRANTEE to another
DEFINE: SPRINGING executory interest
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
DEFINE: FEE TAIL
Fee Tail:
~ Freehold estate
~ & Fee estate
~ Inheritance is restricted to a particular group of LINEAL descendants of the GRANTEE
Fee Tail: WORDS of CREATION
Fee Tail:

"and the heirs of his body"
Fee Tail: 4 Types
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
DEFINE: LINEAL HEIRS
Lineal Heirs:
* sons
* daughters
* grandchildren
* great-grandchildren
DEFINE: COLLATERAL HEIRS
Collateral Heirs:
* cousins
* nieces / nephews
* uncles / aunts
KEY FACTOR: of fee tail
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
DEFINE: EXPIRE as it relates to a fee tail
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
DEFINE: LIFE ESTATE
Life Estate
~ Freehold estate
~ Duration is measured by the life/lives of one of more human beings
DEFINE: Life Estate PUR AUTRE VIE
Life Estate Pur Autre Vie:
~ Freehold Estate
~ Duration is measured by life of someone other than GRANTEE
DEFINE: USE FACTOR for Life Estates
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
DEFINE: DAMAGE FACTOR for Life Estates
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
DEFINE: INSURANCE FACTOR for Life Estates
Life Estate - Insurance Factor
~ Life Tenant is NOT under a DUTY to INSURE the estate
DEFINE: DEBT & TAX FACTORS for Life Estates
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
DEFINE: IMPROVEMENTS FACTOR for Life Estates
Life Estate - Imporvement Factor
~ ASSESSMENTS for PERMANENT IMPROVEMENTS
~ Are APPORTIONED b/t the LIFE Tenant and the FUTURE interest holders