Welcome to Exam 1 Chapter 2 Review Music Real Estate Law Exam 1 Review Jeopardy Ch 2 Present Future Interests Present Interests Generally The Fee Freeholds The Non fee Freehold Future Interests Vested Contingent Remainders 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 Present Interests for 10 points Answer Freehold and non freehold estates Question What are the two categories of present interests Present Interests for 20 points Answer A present interest that is uncertain or unlimited in duration Question What is a freehold estate Present Interests for 30 points Answer An inheritable freehold estate Question What is a fee estate Present Interests for 40 points Answer A non inheritable freehold estate Question What is a non fee life estate Present Interests for 50 points Answer A present interest that includes the right of possession exclusion Question What is an estate Fee Freehold Estates for 10 points Answer The highest greatest form of ownership generally unlimited duration use and transferability Question What is fee simple absolute Example To A and his heirs or To A Fee Freehold Estates for 20 points Answer A fee freehold estate that has potential for termination i e is uncertain in duration Question What is fee simple defeasible Fee Freehold Estates for 30 points Answer A fee simple defeasible estate that ends automatically upon the occurrence of a stated event Question What is fee simple determinable Example until or so long as without further action required Fee Freehold Estates for 40 points Answer A fee simple defeasible estate that ends upon the occurrence of a stated event and some action by Grantor Question What is fee simple subject to condition subsequent Example but if then or provided that in such event then Fee Freehold Estates for 50 points Answer A fee freehold estate that is uncertain in it s duration because it s limited to inheritance only by lineal descendents of the Grantee Question What is fee tail Example To A and his bodily heirs forever Non fee Freehold Estate for 10 points Answer The present possessory interest that is non inheritable non fee and uncertain in duration freehold Question What is a life estate Example To A for her life Non fee Freehold Estate for 20 points Answer The interest conveyed by To A for the life of B Question What is a life estate pur autre vi e for another s life Non fee Freehold Estate for 30 points Answer B s life in To A for the life of B Question What is the measuring life Non fee Freehold Estate for 40 points Answer A in To A for life Question What is the life tenant Non fee Freehold Estate for 50 points Answer The limitation on the use enjoyment and related rights in the property by a life tenant Question What is waste Future Interests for 10 points Answer The future interest that is implicitly reserved by the Grantor when conveying any lesser estate e g FSD life estate fee tail or non freehold estate Question What is a reversion Future Interests for 20 points Answer The reversion that accompanies a fee simple determinable estate Question What is a possibility of reverter Future Interests for 30 points Answer The reversion that accompanies a fee simple subject to condition estate Question What is a right of entry or power of termination Future Interests for 40 points Answer The future interest expressly created in someone other than the Grantor in the grant Question What is a remainder Example To A for life then to B or To A until her 40th birthday then to B Future Interests for 50 points Answer A future interest in a third party that is not a remainder because 1 there is a superseding remainder 2 it follows a FSD 3 there s a gap b t the present and future interest or 4 there is no accompanying present interest Question What is an executory interest Vested Contingent Remainders for 10 points Answer Grantee of a remainder is alive and identified at the time of grant Question What is a vested remainder Example To A for life then to B B is alive at time of grant Vested Contingent Remainders for 20 points Answer C s interest in To A for life then to my children Grantor is alive and has one child C at time of grant Question What is a vested remainder subject to partial divestment Vested Contingent Remainders for 30 points Answer B s interest in To A for life then to B but if B has not graduated from college at the time of A s death then to C B is alive and has not graduated at the time of the grant Question What is a vested remainder subject to complete divestment Vested Contingent Remainders for 40 points Answer Grantee of a remainder is unascertained at the time of grant or there is a condition precedent to the grant Question What is a contingent remainder Example To A for life remainder to my children no children at grant or To A for life then if B s alive to B Vested Contingent Remainders for 50 points Answer A contingent remainder or executory interest must vest within 21 years gestation of the last to die of the lives in being Question What is the Rule Against Perpetuities