property 03/11

Exam Overview

• 52 Practice Questions:

  • Total of 52 questions available for preparation.

  • 33 questions will be selected for the actual exam.

• Exam Duration:

  • 2 hours to complete the exam.

• Exam Format:

  • Conducted via Examplify, which is a closed book exam.

Assessment and Study Tips

• Assessment Structure:

  • Second non-graded assessment will also consist of 33 multiple-choice questions.

  • Emphasis on thorough understanding by the end of the class.

• Challenging Topics:

  • Future interests and the rule against perpetuities are highlighted as more complex concepts along with the classification of estates.

  • Concurrent interests are less difficult, but require memorization of rules.

Key Topics for Review

• Estates of Future Interest:

  • Importance of understanding specific terms and definitions.

  • Good resources mentioned - Sprinkling Treatise.

• Future Interests and Classification:

  • Emphasis on distinguishing between various future interests such as contingent remainders and vested remainders.

• Recording Statutes and Resources:

  • Importance of relying on class material and hierarchy of rules to avoid confusion arising from different jurisdictional terminologies.

Understanding Estates

• Hierarchy of Estates:

  • Fee Simple Determinable is at the top.

• Life Estates:

  • Language must include terms like "for life" to classify correctly.

• Fixed Estates:

  • Types include fee simple absolute, life estate, and leasehold interests.

• Classification of Estates:

  • Expectations include identifying life estates, term of years, and periodic tenancies.

Rules of Construction

• General Presumptions:

  • When ambiguity arises, fee simple absolute is the presumed classification.

• Intent and Construction:

  • Use of intent to clarify ambiguous language in estate descriptions.

Future Interests Definition

• Future Interests in Grantor and Grantee:

  • In grantor: reversion, contingent remainder, executory interests.

• Preference for Classification:

  • Vested remainders are preferred over contingent remainders.

Rule Against Perpetuities (RAP)

• Basic Principles of RAP:

  • No future interests are valid unless they must vest or fail within 21 years of a life in being at creation of the interest.

• Contingent Remainders:

  • Contingent remainders and executory interests must fulfill RAP requirements.

• Problematic Situations:

  • Afterborn problem in relation to RAP can complicate interest vesting.

Concurrent Interests

• Types of Concurrent Interests:

  • Tenancy in Common: No right of survivorship; interest passes upon death.

  • Joint Tenancy: Includes right of survivorship; automatically passes to surviving tenant.

• Creation of Joint Tenancy:

  • Must fulfill TTIP criteria (Time, Title, Interest, Possession).

• Ending Joint Tenancy:

  • Simply conveying one interest can sever joint tenancy.

Legal Conflicts Among Cotenants

• Rights of Cotenant:

  • Right to use and possess the property; can only receive rent under specific outcomes (e.g., ouster).

• Ouster Requirement:

  • One cotenant must assert their right to possession to demand rent from another cotenant.

• Partition Suits:

  • Partition by kind is generally favored over partition by sale, except when practical considerations dictate otherwise.

Additional Considerations

• Legal Inequities:

  • Historical disadvantages faced by underrepresented groups in property rights highlighted.

• Example Cases:

  • Case studies discussed include issues of intent and legal outcomes guided by court interpretations.

Upcoming Activities

• Practice Problems:

  • Class will engage in hypothetical scenarios to solidify understanding of estates and concurrent interests.

  • Review of questions encouraging classification and problem-solving strategies.