Card Set Information

2012-10-31 13:48:19
property terms

Property Final
Show Answers:

  1. What are the 3 types of freehold estates?
    • Fee Simple
    • Fee Tail
    • Life Estate
  2. What is waste?
    An abuse or destructive use of property committed by the tenant to the prejudice of the remaindermen, reversioner or the heirs. Prevents one from economically reaping benefits.
  3. What is affirmative waste?
    Voluntary acts of the tenant that substantially reduce the value of the property.
  4. What is permissive waste?
    Tenant fails to make reasonabl or normal repairs to property so as to protect it from substantial deterioration; negligence; failure to keep the property maintained. 
  5. What is Ameliorative Waste?
    Acts by the tenant that affirmatively increase the value of land
  6. What is fee simple absolute?
    • To A and his heirs or To A
    • Greatest estate in the land
    • Not subject to special limitations or conditions
    • Is divisable, alienable and descendable
  7. What are heirs?
    Persons designated by a statute to take the property of a decedant who dies intestate.
  8. What happens if a person dies intestate and without heirs? 
    Their property would escheat.
  9. What are the Defeasible Fees?
    May last forever but may end upon the occurence of a specified limitaiton or condition.
  10. What is fee simple determinable?
    • To A until or To A so long as
    • Uses durational lanuguage
    • If stated condition occurs, automatically terminates and title reverts back to grantor by possibility of reversion. 
    • Is divisable, descendable and alienable, but any transfers are subject to the conditions 
  11. What happens when a grantor owning fee simple absolute conveys a fee simple determinable?
    She has given away less than everything she has kept a future interest- the possibility of reverter. 
  12. What is fee simple subject to conditions subsequent?
    • To A but if specified event offurs, grantor reserves the right to re-enter and re-take. 
    • Not automatically terminated, only if grantor comes in and terminates the estate. 
    • Grantor has future interest- right to re-enter
  13. What is Fee Simple Subject to Executory Limitation?
    • To A but if specified event occurs, then to B.
    • Will go to 3rd party instead of grantor if breach of stated conditions. 
    • If stated condition is breached, forfeiture is automatic but in favor of the 3rd party