5 Written Questions

1. 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.
2. Ownership of real or personal property by two or more people in which each owns an undivided interest in the whole and each has the right of survivorship.
3. A type of partnership comprised of one or more general partners who manages the business and who manage the business and who are personally liable for partnership one or more limited partners who contribute capital and share in profits but take no part in running the business and incur no liability with respect to partnership obligations beyond their contribution.
4. The requirement that joint tenants must have equal, undivided interests in the possession of the land. One of the four unities needed to create a joint tenancy.
5. A hybrid form of concurrent ownership on which property is owned by the spouses as community property but also provides a right of survivorship.

5 Matching Questions

1. Concurent Estate
2. Possibility of reverter
3. Severance
4. Probate
5. Tenancy in partnership

1. a Ownership or possession of property by two or more people at the same time
2. b A joint tenant's transfer of her interest that terminates the joint tenancy and converts it to a tenancy in common.
3. 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.
4. 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.
5. e The manner in which partners co-own partnership property.

5 Multiple Choice Questions

1. A future interest left in the in the grantor after the grantor conveys an estate smaller than her own.
   1. Remainder
   2. Reversion
   3. Remainderman
   4. Probate
2. An ownership interest in land generally of a fixed of determinable duration.
   1. Nonfreehold Estate or leasehold Estate
   2. Fee simple absolute
   3. Fee simple defeasible
   4. Freehold Estate
3. 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.
   1. Separate property
   2. Unity of title
   3. Unity of time
   4. Community property
4. A future interest created in favor of a party other than the grantor that generally follows a life estate. Can be vested or contingent.
   1. Reversion
   2. Partnership
   3. Corporation
   4. Severance
5. Concurrent tenancy in which there is a unity of possession but unities of time, title, and interest are not required.
   1. Tenancy in common
   2. Syndication
   3. Tenancy in partnership
   4. Remainderman

5 True/False Questions

1. 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.

   True        False

2. 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.

   True        False

3. Trust → An arrangement in which one party, the trustee holds and manages property for the penifit of another, the beneficiary.

   True        False

4. S corporation → A type of business organization that is owned by shareholders but managed by a board of directors who elect the executive officers.

   True        False

5. 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.

   True        False