Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/46

Click to flip

46 Cards in this Set

  • Front
  • Back
Heirs
includes:

issue,
ancestors, and
collaterals.
Issue / Descendants
children, grandchildren, great grandchildren of decedent
Ancestors
decedents parents
Collaterals
remote relatives of decedent, such as:

brothers, sisters, uncles, aunts
Escheat
no taker... then the property passes to a State government
By Representation
a common approach is division at generational level with surviving descendants
Name of Parties in Deed Conveyance
O -> grantor

A, B -> grantee
Name of Parties to a Will (at death)
O -> testator

A, B -> Devisee
Name of Parties in either a Deed or Will?
O -> transferor

A, B -> transferee
What type of interest can the transferor have?
possible future interests (reversion)
What type of interest can the transferee have?
present possessory estate

future interest
Fee Simple
"words of purchase "to A", may last forever
"and his heirs" words of limitation
Fee Tail
lasts until the bloodline runs out
"To A and the heirs of his body"
Life Estate
lasts for the duration of one's life
"To A for life"
"for life" words of limitation
Leasehold Estate
usually lasts for a period of time measured by the calendar
Steps in classifying future interests:
1) read the exact language
2) analyze the interests in sequence
3) classify the present possessory estate.
4) ask who holds any future interest - the transferor or the transferee
Future Interests retained by the transferor
Reversion

Possibility of Reverter

Right of Entry
Future Interests created in Transferee
Vested Remainders

Contingent Remainders

Executory interests
Steps in classifying future interests:
1) read the exact language
2) analyze the interests in sequence
3) classify the present possessory estate.
4) ask who holds any future interest - the transferor or the transferee
Future Interests retained by the transferor
Reversion

Possibility of Reverter

Right of Entry
Future Interests created in Transferee
vested remainder

contingent remainder

executory interests
Possibility of Reverter is associated with what fee?
Fee Simple Determinable (FSD)
Right of Entry is associated with what fee?
associated with fee simple subject to condition subsequent (FSS2CS)
What is a vested remainder?
1) ascertained person

AND

2) Not subject to condition precedent.
What is a contingent remainder?
1) Un-ascertained person

OR

2) Contingent to condition precedent.
Executory Interests follow?
vested fee simple
vested in possession of remainder.
Tenancy In Common - TIC
(CO-Tenants)
Modern Presumption:
Default estate even if conveyance satisfies the four unities of JT unless the parties adequately express an intent to create a joint tenancy. Separate but undivided intersts in the property.
Joint Tenancy - JT
Common Law Presumption
Tenancy by the Entirety - TBE
Husband and Wife, only available in in 20 states and disappearing
TIC
How Conceived
seized of an undivided share of the whole (half and half, but conceptually considered undivided interest)
JT
How Conceived
seized of a share and of the whole.
TBE
How Conceived
seized by the whole
TIC
How Created
a) created by an inter vivos conveyance

b) often a result of inheritance - inheritance of one item of property by more than one person, a tenancy in common is created
JT
How Created
Four Unities:
time
title
interest
possession
Four Unities:
Time
vested at the same time
Four Unities:
Title
created by the same instrument
Four Unities:
Interest
same type of interests for the same duration
Four Unities:
Possession
equal right to possess the whole (possession is also for TIC)
JT
Key Language
"to A and B jointly" ambiguous
"to A and B as joint tenants" is better, but in some States it is no guarantee
"to A and B as joint tenants with right of survivorship" is good.
"to A and B as joint tenants with right of survivorship and not as tenants in common" is perfect
JT
Statutes
statutes may be used to specify the language used to create JTs
TBE
same as joint tenancy plus marriage
Four Unities:
Interest
same type of interests for the same duration
Four Unities:
Possession
equal right to possess the whole (possession is also for TIC)
JT
Key Language
"to A and B jointly" ambiguous
"to A and B as joint tenants" is better, but in some States it is no guarantee
"to A and B as joint tenants with right of survivorship" is good.
"to A and B as joint tenants with right of survivorship and not as tenants in common" is perfect
JT
Statutes
statutes may be used to specify the language used to create JTs
TBE
same as joint tenancy plus marriage