Rule against perpetuities - Study guides, Class notes & Summaries

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...

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...

Barbri Practice Set Questions Bank MBE | 100% Correct Answers | Verified | Latest 2024 Version 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 d...

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...

When is Presentment Excused - ANSWER-1. if the person entitled to present cannot with reasonable diligence do so 2. the maker or acceptor has repudiated the obligation to pay or is dead or insolvent 3. by the instrument's terms, presentment is unnecessary 4. the obligor has waived presentment or 5. the drawer instructed the drawee What is includable in partnership property? - ANSWER-- property deemed to be partnership property -property presumed to be partnership property - property pr...

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 ...

Present estates Future estates Co-tenancy Leaseholds Tenant's duties Landlord's contractual duties Landlord's tortious duties Lease transfers Rule against perpetuities Restraints on alienation Discrimination Covenants & Equitable Servitudes Condominiums Zoning Fixtures Easements Licences Profits Natural rights Land sale contracts Deeds Delivery & Acceptance Covenants of title Recording Securities Foreclosure Adverse possession Conveyance by will

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...

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...