Summary: (17) Mbe: Real Property

Read the summary and the most important questions on (17) MBE: Real Property

• A) Interests in Land

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• Real Property Roadmap: 3 Key Areas

  1. Interests in Land 
  2. Transfer and Protection of Interests
  3. Special Protections 

• Real Property Roadmap: A) Interests in Land

  1. Estates in Land (Freehold + Leasehold) - Possessory Interests 
  2. Easements - Right to Use 
  3. Restrictive Covenants--Restricting someone else's use of their land 

• Real Property Roadmap: B) Transfers and Protection of Interests

  1. Adverse Possession 
  2. Conveyancing 
  3. Recording 
  4. Security Interests 

• Real Property Roadmap: C) Special Protections

  1. Rights of Support 
  2. Water Rights 
  3. Texas Homestead (Protection of Certain Land)

• Present Freehold Estates:

  1. Fee Simple Absolute: The estate that will never end.
  2. Defeasible Fee Estates: The estates that might end. 
  3. Life Estates: The estate that will end. 

• Present Freehold Estate #1: Fee Simple Absolute (FSA) - Characteristics of the Estate

  The distinguishing characteristics of FSA is that it runs forever and is freely alienable. Any attempt to put a direct restraint on alienation is void; ignore the restriction. While attempts to limit the right to transfer are void, conditions of the FSA are allowed.

• FSA + Restraints on Alienation: A Right of First Refusal

  Not an invalid restraint (Gives the person the first opportunity to purchase the land).

• Present Freehold Estate #2: Defeasible Fee Estates (Estates that might end)

  These estates in land have the characteristics of the FSA but might not last forever. However, the duration is not measured by (a) a lifetime or (b) a specific date. These may terminate upon the happening of a condition.

• 3 types of Defeasible Fee Estates

  1. Fee Simple Determinable (FSD)
  2. Fee Simple Subject to Condition Subsequent (FSSCS)
  3. Fee Simple Subject to Executory Limitation (FSSEL)

• Distinguish FSD from FSSCS

  The key difference between a FSD and the FSSCS is that the FSD ends automatically. The holder of the future interest is the grantor and he just waits patiently for the present estate to end.