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23 Cards in this Set

  • Front
  • Back
Fee Simple Absolute - 3 Rules
1) Indefinite duration and potentially lasts forever; 2) It is freely transferable, may be devised in a will, and goes to the owner's heirs if she dies without a will; 3) A conveyance from the land "to A" or "to A and his heirs" gives A, a fee simple Absolute.
Fee Simple Determinable
An interest in land that is absolute and might last forever, but will come to an end if a specified future event occurs. It can be any future event. Before the event, the owner has full ownership - but future owners take subject to the condition. "So long as" "until" "While" are all key words - when the event happens, the estate automatically reverts to the original conveyor, or anyone holding his or her interest.
Fee Simple Subject to Condition Subsequent
An interest in land that is absolute and might last forever but will come to an end if a specific future occurs and the grantor exercises a valid power to terminate the estate. The estate will end when the holder of a valid power to terminate exercises the power and ejects the holder of the estate. "Grantor reserves the power to terminate the estate..." good enough.
Fee Simple Subject to an Executory Interest
An estate that is absolute and might last forever but will come to an end if a specific events occurs and if the event occurs the property will go to a third person rather than the original grantor.

Same rules as Subject to condition / determinable - but, if the Rule Against Perpetuities is violated, two things can happen:

1) If the language would create a fee simple determinable, it will revert to a fee simple determinable.

2) If the language would have created a fee simple subject to a subsequent condition, it will be void and become a Fee Simple Absolute.
Life Estate
An estate that will last until someone's death.

There will always be a future interest that will take possession of the property and waste rules will apply.
Permissive Waste
Tenant is responsible for the reasonable upkeep of the property. Life tenant may not allow the land to fall into disrepair or fail to take reasonable measures to protect the land.
Affirmative Waste
When the life tenant's acts significantly reduce the value of the property.

A life tenant may not exploit natural resources on the land EXCEPT:

1) If the grant of the life estate specifically gave permission for the life tenant to exploit natural resources;

2) At the time of the creation of the life estate, the property was already being used for the exploitation of natural resources.
Ameliorative Waste
Any change by the life tenant of the character of the property used to be deemed waste - this is rarely tested, and there are many exceptions.
Present Estates - 6 Types
1) Fee Simple Absolute;
2) Fee Simple Determinable;
3) Fee Simple Subject to a Condition Subsequent;
4) Fee Simple Subject to an Executory Interest;
5) A Life Estate;
6) An Estate for a term less than life.
Future Estates - 5 Types
1) Possibility of Reverter;
2) Power to Terminate and Retake Estate;
3) Executory Interest;
4) Reversion;
5) Remainder
Possibility of Reverter
A right, at some time in the future, to possess the property after a named future event - PoR is inheritable and transferrable and is not subject to the Rule Against Perpetuities.
Power to Terminate / Right of Re-Entry
Authority to terminate the estate and eject the tenant when a specific future event happens. In most jurisdictions this power can be conveyed and inherited - not subject to RAP.
Assignment
A complete transfer of the entire remaining term. An asignee stands in the shoes of the original tenant in a direct relationship with the landlord; they are in privity of estate, and each is liable to the other on all covenants in the lease that "run with the land."
Sublease
A transfer of the term of a lease in which the tenant retains any part of the remaining term (other than a right to reenter upon breach). A sublessee is not personally liable to the landlord for rent or for the performance of any of the covenants in the main lease unless the sublessee EXPRESSLY ASSUMES the covenants.
Record Notice - Chain of Title (Easements, etc.)
A subsequent purchaser will be held to have record notice only if the deed in question is recorded "in the chain of title," which means that it is recorded in such a manner that a searcher could reasonably find it. A subsequent purchaser will be charged with the notice that such a search would provide, whether or not she actually searches.
Marketable Title
A reasonable prudent buyer, ready and able to purchase, would accept it in the exercise of ordinary prudence. Inability to established a record chain of title will render title unmarketable. Adverse possession not marketable until it has perfected - not required to "buy a lawsuit."
Rule Against Perpetuities
No interest in property is valid unless it must vest, if at all, not later than 21 years after one or more lives in being at the creation of the interest. The validity of an interest under the Rule is determined at the time the interest is created, taking into account the facts then existing.
Adverse Possession
Possession must be:
1) Actual and exclusive;
2) Open and Notorious;
3) Adverse (Hostile);
4) Continuous throughout the statutory period.

Hostile must be without consent.
Prescriptive Easement
Analogous to Adverse Possession, except the use does not need to be exclusive.
Reasonable Use Doctrine
Landowner is limited to reasonable use of the underground water for beneficial purposes on the overlying land. Reasonable is any use that is not "merely malicious or a waste of water."
Title Theory (Foreclosure)
Title is in the mortgagee (lender) until the mortgage has been satisfied or foreclosed. The mortgagee is entitled to possession on demand at any time.
Lien Theory (Foreclosure)
Title is in the mortgagor (debtor) and the mortgagee holds only a security interest in the property - The mortgagee may not have possession before foreclosure.
Profit
A nonpossessory interest in land. The holder one is entitled to enter on the servient tenement and take the soil or the substance of the soil. Different from a license, which does not result in an interest.