Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Fee Simple Absolute
|
"O grants property to A and his heirs"
|
|
|
Fee Simple Determinable
|
"To School Board so long as the premises are used for school purposes"
|
|
|
Fee Simple Subject to Condition Subsequent
|
"To A, but if liquor is ever sold on the premises, the grantor has a right to reenter the premises"
|
|
|
Fee Tail
|
"O grants property to A and the heirs of his body"
|
|
|
Life estate
|
- Potential duration of one or more human's lives. Very common
- Reverts back to grantor at death of the person in measurement |
|
|
Fee Simple subject to an Executory Limitation
|
Terminates on the happening of a stated event it is automatically divested in favor of a third person
|
|
|
Fee Simple Subject to Condition Subsequent
|
□ A fee simple that does not automatically terminate but may be cut short (divested) at the grantor's election when a stated condition happens
□ If contingent event occurs, grantor has the power to re-enter and to terminate the estate |
|
|
Fee Simple Determinable
|
- A fee simple that will automatically end when a specified event occurs
- Nothing is required for it to end but the event it and it reverts back to the grantor automatically |
|
|
Fee Simple Absolute
|
- Has the potential of enduring forever
- Like absolute ownership - No limitations on its inheritability |
|
|
Doctrine of Waste
|
○ Can apply whenever the ownership of property is split either between owners in rightful possession and holders of future interests or among multiple owners in shared current possessions
○ Allows a future holder to force a present possessor to persevere its capital value |
