Real Property
Estates and Future Interests
Know the fee simple absolute, fee tail, life estate, and defeasible fees (fee simple determinable, fee simple subject to condition subsequent, fee simple subject to executory limitation). Future interests include reversion, possibility of reverter, right of entry, and executory interest. The Rule Against Perpetuities applies to contingent remainders, executory interests, and vested remainders subject to open; it does not apply to reversions, possibilities of reverter, or rights of entry.
Landlord-Tenant
Know the leasehold estates: term of years, periodic tenancy, tenancy at will, tenancy at sufferance. The covenant of quiet enjoyment is breached by actual or constructive eviction. The implied warranty of habitability applies to residential leases.
Co-ownership and Easements
Tenancy in common, joint tenancy (with right of survivorship and four unities), and tenancy by the entirety. Easements may be express, implied, by necessity, or by prescription. Easements in gross versus appurtenant; termination by merger, release, abandonment, or prescription.
Recording and Mortgages
Recording acts: race, notice, and race-notice. A subsequent bona fide purchaser without notice prevails under notice and race-notice statutes. Mortgages: lien theory versus title theory; foreclosure and redemption; priority.
Traps
Questions test whether a future interest is vested or contingent, whether the Rule Against Perpetuities applies, and whether a covenant runs with the land (horizontal and vertical privity, intent, touch and concern, notice).
Rule of thumb
For every future interest, ask: is it vested, and does the Rule Against Perpetuities apply?