Wa Barbri - Property / Estates

Front 1

LIST

present possessory estates

Back 1

Fee Simple Absolute

Fee Simple Determinable

Fee Simple Subject to Condition Subsequent

Fee Simple Subject to Executory Interest

Life Estate

Front 2

DEFINE

fee simple absolute

Back 2

Gives absolute ownership; infinite duration

Front 3

DEFINE

fee simple determinable

Back 3

Infinite estate so long as an event doesn't happen

If event happens, automatic forfeiture

Possibility of reverter held by grantor

Front 4

DEFINE

fee simple subject to condition subsequent

Back 4

If stated condition occurs, grantor MAY exercise right to reenter within reasonable time

Right of entry/power of termination held by grantor

Front 5

DEFINE

fee simple subjet to executory interest

Back 5

If condition occurs estate automatically forfeited in favor of someone other than grantor

Executory interest held by third party

Front 6

DEFINE

life estate

Back 6

Estate not terminable by fixed time, but cannot last longer than life/lives of 1+ person

Transferable if measuring life is alive

Right of reversion if held by grantor; remainder if held by 3rd party

Entitled to all ordinary uses/profits

Cannot commit waste

Front 7

DEFINE

types of waste

Back 7

Intentional waste: overt conduct causing decrease in value

Permissive waste: land is allowed to fall into disrepair/fails to protect land (weather, taxes)

Front 8

LIST

interests created by future interests

Back 8

Possibility of Reverter: only follows FSD (FSDPOR); “To A and her heirs so long as property is used as a private residence.”

Right of Entry: only follows FS subject to condition subsequent; must be exercised within reasonable time; “To A and her heirs, but if property is no longer used as private residence, I may take back possession of it.”

Right of Reversion: follows any other interest given by grantor which is less than she owns; “To A for life” when O holds property in FSA

Front 9

DEFINE

possibility of reverter

Back 9

Possibility of Reverter: only follows FSD (FSDPOR); “To A and her heirs so long as property is used as a private residence.”

Front 10

DEFINE

right of entry

Back 10

Right of Entry: only follows FS subject to condition subsequent; must be exercised within reasonable time; “To A and her heirs, but if property is no longer used as private residence, I may take back possession of it.”

Front 11

DEFINE

right of reversion

Back 11

Right of Reversion: follows any other interest given by grantor which is less than she owns; “To A for life” when O holds property in FSA

Front 12

LIST

future interests created in someone other than the grantor

Back 12

Remainders: vested and contingent; created by grantee that is capable of becoming possessory upon expiration of prior possessory estate created in same conveyance in which remainder is created; must have: 1) same time/instrument, 2) estate of fixed duration, 3) never cut short prior estate, 4) won’t follow built in time gap between prior estate/FI

Contingent Remainder: created in unascertained person and/or subject to cond. preced.; “To A for life, then to B if and when B passes the bar exam” (becomes vested upon pass)

Vested Remainder: both created in ascertained person and not subject to cond. preced.

EI - Executory Interests: catch-all; FI, created for other than grantor, which is not remainder

Shifting EI: always follows defeasible fee and cuts short someone other than grantor; “To A and her heirs, but if B returns from CA sometime next year, to B and his heirs.”

Springing EI: cuts short interest of grantor; “To A, to take possession on A’s 21st birthday”

Front 13

DEFINE

remainder

Back 13

Interest created by grantee that is capable of becoming possessory upon expiration of prior possessory estate created in same conveyance in which remainder is created; must have: 1) same time/instrument, 2) estate of fixed duration, 3) never cut short prior estate, 4) won’t follow built in time gap between prior estate/FI

Can have contingent and vested remainders

Front 14

DEFINE

contingent remainder

Back 14

Created in unascertained person and/or subject to cond. preced.; “To A for life, then to B if and when B passes the bar exam” (becomes vested upon pass)

Front 15

DEFINE

vested remainder

Back 15

Both created in ascertained person and not subject to condition precedent

Front 16

DEFINE

executory interest

Back 16

catch-all; FI, created for other than grantor, which is not remainder

Front 17

DEFINE

shifting executory interest

Back 17

Always follows defeasible fee and cuts short someone other than grantor; “To A and her heirs, but if B returns from CA sometime next year, to B and his heirs.”

Front 18

DEFINE

springing executory interest

Back 18

Cuts short interest of grantor; “To A, to take possession on A’s 21st birthday”

Front 19

DEFINE

rules against perpetuities

Back 19

Future interest covered by RAP is void if there is any possibility, however remote, that the interest may vest more than 21 years after death of a measuring life; ONLY applies to contingent remainders, executory interests, class gifts, options to buy land, and rights of first refusal (not vested remainders or any FI created in grantor); many shifting executory interests void RAP

Front 20

Two charities exception to RAP

Back 20

Gift from charity to another doesn’t violate RAP

Front 21

Beneficial trusts rule re:RAP

Back 21

If beneficial interest created by trust, test to see if actually vests within 150 years from date of when the trust was created - wait and see approach

Front 22

LIST/DEFINE

types of restraints on alienation

Back 22

Absolute restraints on alienation are void (one not linked to any reasonable time limited purpose)

Disabling: ALL void; “To A, but A shall have no power to transfer land without my consent”

Forfeiture: “To A, but if A attempts to transfer without consent, land shall automatically revert back to me”

Promissory: To A, but A promises and covenants not to transfer land without my consent”

Front 23

LIST

valid restraints on alienation for life estates

Back 23

Forfeiture and promissory restraints valid on life estates

Front 24

LIST

valid restraints on alienation for future interests

Back 24

Forfeiture restraint on transferability of FI, during period when interest is a FI, is valid

Front 25

LIST

types of concurrent estates

Back 25

Tenancy in Common

Joint Tenancy

Front 26

DEFINE

tenancy in common

Back 26

Each co-tenant owns individual part/has right to possess whole; no right of survivorship; fully transferable; presumption favors T/C

Front 27

DEFINE

Joint Tenancy with Right of Survivorship

Back 27

All JT own equal shares; when JT dies, share passes automatically to the surviving JTs; alienable but not descendible or devisable; must be clear intent

Front 28

Elements for creation of JT

Back 28

PITT - possession, identical interests, time, title/instrument

JTs must take ownership w/identical rights to possession;

w/identical interests;

at the same time;

by the same title/instrument

Front 29

Elements for severance of JT

Back 29

SPAM - sale, partition and mortgage

sale to outsider will sever

parties can agree to sever and right to partition may be waived if agreement is limited to reasonable time

JT’s execution of mortgage will not sever, but other JTs take subject to liabilities existing (i.e., foreclosure)

Front 30

LIST

rights/duties of co-tenants

Back 30

Possession

Rent from co-tenant in exclusive possession

Rent from third parties

Adverse possession

Carrying costs

Repairs

Improvements

Waste

Fiduciary duty

Front 31

DEFINE

rights/duties of co-tenants:

POSSESSION

Back 31

Possession: each co-tenant entitled to possess and enjoy whole property

Front 32

DEFINE

rights/duties of co-tenants:

RENT FROM CO-TENANT IN EXCLUSIVE POSSESSION

Back 32

Rent from co-tenant in exclusive possession: absent ouster, co-tenant in exclusive possession is not liable to other co-tenants for rent paid

Front 33

DEFINE

rights/duties of co-tenants:

RENT FROM 3RD PARTIES

Back 33

Rent from third parties: co-tenant who leases/rents all or part of premises without possession must account to his co-tenants and provide fair share of rental income

Front 34

DEFINE

rights/duties of co-tenants:

ADVERSE POSSESSION

Back 34

Adverse possession: Unless co-tenant ousts another, cannot acquire title through adverse possession

Front 35

DEFINE

rights/duties of co-tenants:

CARRYING COSTS

Back 35

Carrying costs: each co-tenant responsible for share of carrying costs (taxes, mortgage interest)

Front 36

DEFINE

rights/duties of co-tenants:

REPAIRS

Back 36

Repairs: co-tenants responsible for right to contribution for reasonable and necessary repairs

Front 37

DEFINE

rights/duties of co-tenants:

IMPROVEMENTS

Back 37

Improvements: no right to contributions for improvements, however at partition co-tenant will be entitled to credit for the value increase caused by improvement

Front 38

DEFINE

rights/duties of co-tenants:

WASTE

Back 38

Waste: co-tenant has right to bring action for waste against another co-tenant

Front 39

DEFINE

rights/duties of co-tenants:

FIDUCIARY DUTY

Back 39

Fiduciary Duty: if taxes not paid, and one co-tenant buys property at auction, if other co-tenant pays his share of purchase price, property must be placed back in original co-tenancy