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30 Cards in this Set
- Front
- Back
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What is a Fee Simple Absolute?
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The most extensive freehold estate in land. Has potentially infinite duration.
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How is a Fee Simple created?
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CL : O "to A and his heirs"
Modern: O "to A" |
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What are the five classifications of interests in real property?
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1. Freehold Estates: give possession under some legal title.
2. Non-freehold Estates: Give mere possession; do not convey legal title 3. Concurrent Estates 4. Non-Possessory Interests in Land 5. Future Interests |
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What are the three Freehold Estates?
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1. Fee Simple
2. Fee Tail 3. Life Estates |
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What are the four Non-Freehold Estates?
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1. Tenancy for Years
2. Tenancy from Period to Period 3. Tenancy at Will 4. Tenancy at Sufferance |
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What are the 3 Concurrent Estates?
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1. Joint Tenancy
2. Tenancy by the Entirety 3. Tenancy in Common |
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What are the 5 Incorporal/Non-Possessory Interests in Land?
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1. Easements
2. Profits 3. Covenants running with the land 4. Equitable Servitudes 5. Licenses |
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What are the 5 Future Interests?
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1. Reversions
2. Possibility of Reverter 3. Right of Re-entry 4. Remainders (Contingent and Vested) 5. Executory Interests |
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What are the 3 rights incident to possession?
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1. Adverse Possession
2. Lateral Subjacent Support 3. Water Rights |
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What are the 3 key issues in Conveyancing?
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1. Recording Statutes
2. Deeds 3. Equitable Conversion Doctrine |
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What is a Fee Simple Absolute?
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The most extensive estate that a person can own in property, of potentially infinite duration.
a. The largest estate known to law. b. Denotes the Maximum of legal ownership |
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How is a FSA created at CL?
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At CL: O "to A and his heirs"
"and his heirs" = words of limitation, which describes the size of the estate being granted to the grantee. |
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How is a FSA created at ML?
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O "to A".
Do not have to include "and his heirs" |
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What do words of limitation indicate?
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What is taken: The quantum or size of the estate
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What do words of purchase indicate?
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Who is taking the property (who the grantee or persons taking the property are).
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What is a Fee Simple Determinable?
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A fee simple estate created to continue until some specified event occurs.
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When does the FSD terminate?
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Automatically upon the happening or non-happening of a stated event
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What happens when the FSD terminates?
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Title automatically reverts back to the grantor.
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What are the typical words used in a conveyance of a FSD?
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1. "so long as"
2. "during" 3. "until" 4. "while" |
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What is the interest called that is retained in the Grantor of a FSD?
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Possibility of Reverter
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What is a Fee Simple Absolute?
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The most extensive estate that a person can own in property, of potentially infinite duration.
a. The largest estate known to law. b. Denotes the Maximum of legal ownership |
|
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How is a FSA created at CL?
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At CL: O "to A and his heirs"
"and his heirs" = words of limitation, which describes the size of the estate being granted to the grantee. |
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How is a FSA created at ML?
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O "to A".
Do not have to include "and his heirs" |
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What do words of limitation indicate?
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What is taken: The quantum or size of the estate
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What do words of purchase indicate?
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Who is taking the property (who the grantee or persons taking the property are).
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What is a Fee Simple Determinable?
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A fee simple estate created to continue until some specified event occurs.
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When does the FSD terminate?
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Automatically upon the happening or non-happening of a stated event
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What happens when the FSD terminates?
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Title automatically reverts back to the grantor.
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What are the typical words used in a conveyance of a FSD?
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1. "so long as"
2. "during" 3. "until" 4. "while" |
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What is the interest called that is retained in the Grantor of a FSD?
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Possibility of Reverter
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