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8 Cards in this Set
- Front
- Back
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Types of freehold estates |
1. Fee simple 2. life estates 3. Future interest |
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Types of Fee Simple Estates |
1. Fee Simple Absolute 2. Fee Simple Defeasible |
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Fee Simple Absolute |
I. Creation: to a, or to a and his heirs III. Characteristics: absolute ownership of potentially infinite duration; devisable, descendible, and alienable; no future interest |
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Types of defeasible fees |
1. Fee simple determinable 2. Fee simple subject to condition subsequent 3. fee simple subject to executory limitations |
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Fee simple determinable |
1. Creation: to A for so long, during, until 2. Characteristics colin it's stated condition is violated, forfeiture is automatic; devisable, descendible and alienable subject to the condition 3. Future interest: possibility of reverter in the grantor |
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Fee simple subject to condition subsequent |
1. Creation: "To A, but if X event occurs, grantor reserves right to reenter and retake a. 2 requirements: (1) clear durational language and (2) state right to reenter 2. Characteristics: not automatically terminated upon condition's occurrence, can be cut short at grantor's option, devisable, descendible, and alienable subject to condition 3. Future interest: right of entry (power of termination) |
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Fee simple subject to executory limitation |
1. Creation: to A, but if X event occurs, then to B 2. Characteristics: if condition is broken, automatic forfeiture in favor of a third party (not the grantor; devisable, descendible and alienable subject to the condition 3. Future interest: executory interest in third party |
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Rules of construction |
1. Words of mere desire, hope, or intentions are insufficient to create a defeasible fee 2. Absolute alienation restraints: void if not linked to reasonable time -limited purpose |
