Fee simple, life estate, future interests, rule against perpetuities, easements, and landlord-tenant law.
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- What is fee simple absolute?
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The most complete ownership of land, with no time limit, conditions, or restrictions, fully transferable and inheritable- What words of limitation create a fee simple at common law?
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To A and his heirs- Can a fee simple owner alienate land during their lifetime?
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Yes, completely and without restriction- What is a life estate?
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An estate that lasts only for the duration of a designated person's life- What language typically creates a life estate?
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To A for life or To A during the life of B- What is the life tenant's primary obligation regarding the property?
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Not to commit waste by materially altering or damaging the property- Can a life tenant lease the property to another?
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Yes, but only for a term not exceeding the life tenant's own remaining life- What interest does the grantor retain when creating a life estate?
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A reversion, the right to repossess the land after the life estate ends- What is a reversion?
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The grantor's future interest that takes effect in possession after the granted estate ends- Can a reversion be transferred during the grantor's lifetime?
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Yes, it can be devised, gifted, or sold like any other interest- What is a vested remainder?
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A remainder held by an ascertained person that is subject only to being divested by the preceding estate taking effect- What is a contingent remainder?
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A remainder held by an unascertained person or subject to an unfulfilled condition- What is the key difference between a remainder and a reversion?
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A remainder passes to a third party, whereas a reversion passes back to the grantor or grantor's heirs- What is an executory interest?
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A future interest in a transferee that takes effect by cutting short a prior estate before it naturally ends- What is a possibility of reverter?
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The grantor's retained right to reclaim land when a determinable fee expires
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