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What are the 3 types of freehold estates?
- Fee Simple
- Fee Tail
- Life Estate
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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.
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What is affirmative waste?
Voluntary acts of the tenant that substantially reduce the value of the property.
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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.
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What is Ameliorative Waste?
Acts by the tenant that affirmatively increase the value of land
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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
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What are heirs?
Persons designated by a statute to take the property of a decedant who dies intestate.
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What happens if a person dies intestate and without heirs?
Their property would escheat.
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What are the Defeasible Fees?
May last forever but may end upon the occurence of a specified limitaiton or condition.
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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
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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.
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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
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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
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