← RE Law ch. 5 Test
5 Written Questions
5 Matching Questions
- Concurent Estate
- Possibility of reverter
- Tenancy in partnership
- a Ownership or possession of property by two or more people at the same time
- b A joint tenant's transfer of her interest that terminates the joint tenancy and converts it to a tenancy in common.
- c Future interest associated with the fee simple determinable estate wherein the interest may return to the grantor when there is a breach of condition to which it was granted.
- d The court procedure by which a will is proved to be valid or invalid. In current usage, this term had been expanded to refer generally to the legal procedure wherein the estate of the decedent is administered.
- e The manner in which partners co-own partnership property.
5 Multiple Choice Questions
- A future interest left in the in the grantor after the grantor conveys an estate smaller than her own.
- An ownership interest in land generally of a fixed of determinable duration.
- Property acquired during a marriage through the efforts of either the husband of the wife or both, with each having an undivided one-half interest in the property.
- A future interest created in favor of a party other than the grantor that generally follows a life estate. Can be vested or contingent.
- Concurrent tenancy in which there is a unity of possession but unities of time, title, and interest are not required.
5 True/False Questions
Undivided interest → The requirement that joint owners must have equal interests in the land. One of the four unities needed to create a joint tenancy.
Fee simple subject to an executory limitation or interest → A type of defeasible fee that entitles the grantor to end the interest by exercising the right of entry after the grantee breaches a condition under which it was granted.
Trust → An arrangement in which one party, the trustee holds and manages property for the penifit of another, the beneficiary.
S corporation → A type of business organization that is owned by shareholders but managed by a board of directors who elect the executive officers.
Restraint on alienation → A future interest associated with the fee simple subject to a condition subsequent in which the grantor may elect to end the interest after the grantee breaches a condition under which the it was granted.