Rule against perpetuities Study guides, Class notes & Summaries

A fee simple owner of a restaurant provided in his will that the property should go on his death "in fee simple to my friend, but if during my friend's lifetime my son has children and those children are alive when my friend dies, then to said living children." When the owner died, the friend took over the restaurant. If the son has children and one or more of them are alive when the friend dies, who will take title to the restaurant at that time? A The friend's heirs, because the atte...

Real Estate Law Questions and Answers Fully solved What is a statute? (a) a law created by a state legislature or by Congress (b) a law created by a city or municipality (c) a law created by court rulings (d) a law created by a state or U.S. Supreme Court a. a law created by a state legislature or by Congress The state laws of Texas are codified, and bound in volumes called _____. (a) The United States Code Annotated (b) The Texas Constitution (c) Vernon's Annotated Texas Statut...

Real Estate Law 1309 Ch. 1-6 Questions and Answers 100% Accurate The Texas Constitution contains our a. homestead laws b. certain mechanics' and materialmen's lien laws c. community property rights d. all of the above ALL THE ABOVE "Statutory Law" means a. laws concerning persons under the age of 18 b. written laws created by the legislature c. laws that are unconstitutional d. all of the above B. WRITTEN LAWS CREATED BY THE LEGISLATURE Which of the following can...

A woman borrowed $100,000 from a bank and executed a promissory note to the bank in that amount. As security for repayment of the loan, the woman's brother gave the bank a mortgage on a tract of land solely owned by him. The brother did not sign the promissory note.The woman subsequently defaulted on the loan, and after acceleration, the bank instituted foreclosure proceedings on the brother's land. The brother filed a timely objection to the foreclosure. Will the bank succeed in foreclosing ...

PROPERTY Ownership Ownership of real property may be transferred by sale, gift, upon death by devise (will) or intestate succession. - Present Possessory (Freehold) Estate: an estate must be immobile and for an indeterminate duration; the owner has the right to currently possess the property - Future Interests: an interest in presently existing property or in a gift or trust; the use, possession, or enjoyment may start sometime in the future - Concurrent Estate: ownership or possession of r...

STUDY SMART OUTLINE OF WRONG ANSWERS I. Estates: a. “Fee Simple Determinable” is an estate that automatically terminates on the happening of a stated event. i. Possibility of reverted is retained by the landowner – automatic right. ii. Language: 1. “So long as” 2. “While” 3. “During” 4. “Until” b. “Fee Simple Determinable Subject to an Executory Interest” is an estate that, on the happening of a stated event, is automatically divested in favor of a third pers...

MBE real Property In-class activity fee simple absolute - "A conveys black acre to B and his heirs" fee simple determinable - A conveys blackacre to B and his heirs as long as X doesn't happen on proeprty (until, while, as long as) if event occurs, property reverts to grantor fee simple subject to condition subsequent - created by words "provided that, but if, on condition that" A conveys Blackacre to B and her heirs but if liquor is sold on property then A has right of r...

Exam (elaborations) INS 3303 Life Ins 2nd Half Final Study Guide For estate tax purposes, life insurance Selected Answer: held by a revocable life insurance trust is includable in the grantor's estate  Question 2 0 out of 2 points Which of the following goals can be achieved by the use of key employee life insurance? Assure shareholders of a public corporation that the price of the stock will not plummet at the death of a president or other senior executive.  Question 3 ...

Exam (elaborations) INS 3303 Life Ins 2nd half Final Study Guide (INS3303) Question 1 2 out of 2 points For estate tax purposes, life insurance Selected Answer: held by a revocable life insurance trust is includable in the grantor's estate  Question 2 0 out of 2 points Which of the following goals can be achieved by the use of key employee life insurance? Assure shareholders of a public corporation that the price of the stock will not plummet at the death of a president or oth...