Property Law final exam Questions With 100% Correct Answers!!

Words of purchase - Answer-Describe who takes the real property by grant, gift, inheritance or bequest Words of limitation - Answer-Describe the type and duration of the estate taken by the transferee FEE SIMPLE ABSOLUTE - Answer-"To Grantee and their heirs" FEE SIMPLE DETERMINABLE - Answer-"To Grantee and their heirs for so long as" or "while" or "during" or "until" (the occurrence of an event). Automotically terminates upon the happening of stated event FEE SIMPLE SUBJECT TO A CONDITION - Answer-"To Grantee and their heirs upon the condition that" or "provided that" or "but if" or "if it happens that" (the occurrence of an event). right of re-entry- termination is not automatic FEE SIMPLE SUBJECT TO AN EXECUTORY INTEREST - Answer-A Defeasible Estate that AUTOMATICALLY divests in favor of a THIRD PERSON upon the happening of a stated event RULE AGAINST PERPETUITIES - Answer-(21 years plus lives in being) 3 generations limitations go away and revert back to fee simple absolute- so people arent controlling property from the grave Fee Tail - Answer-"To Grantee and heirs of their body" estate limited to the grantee and his or her familyautomatically revenrts to grantor if not owned by heir now considered fee simple absolute Life estate - Answer-" To grantee for life" 1. by marital right (dower and curtsey) 2. for life of grantee 3. Pur Autre Vie (life of another) Dower and Curtsey - Answer-marital rightPur Autre Vie - Answer-Life of another Tenancy in the Entirety - Answer-- By Marital Right - only between husband and wife - Right of Survivorship - by operation of law - Severance Limited (Death, divorce, agreement, joint creditor execution) Joint tenancy - Answer-- Created by unity of time, title, interest and possession - Right of Survivorship - by operation of law - Severance Less Limited (Inter vivos conveyance or contract to convey, death, agreement, foreclosure on lien) Tenants in Common - Answer-- No Right of Survivorship. - Freely alienable- free to gift or sell - Joint ownership based upon percentage. - Share & responsible proportionally in all gains / liabilities. Future interests - Answer-The real property rights that are left over from the granting of an interest Reversion - Answer-The residue (or future interest) of an estate left by operation of law in the grantor or his heirs. Reverter - Answer-A specific type of reversion, pursuant to a fee simple determinable, whereby the estate AUTOMATICALLY returns to grantor of his heirs upon the happening of a stated, legal, event Right of re-entry - Answer-A specific type of reversion, pursuant to a fee simple subject to a condition subsequent, whereby the grantor or his heirs have a right to reclaim the estate upon the happening of a stated, legal, event. Remainder - Answer-Those rights in an estate which are left over (i.e. that remain) from the creation of a lesser estate.Remainders - Answer-all reversions are remainders, but NOT all _______ are reversions. Vested remainder - Answer-a definite interest that will become possessory Vest remainder subject to open - Answer-limited in favor of a class of persons collectively described (and typically related to each other though a common ancestor) of which there is at least one living member.