30 Questions
What was a fee tail estate under common law?
An estate where only lineal descendants of the grantee could inherit the property
What happens if someone attempts to create a fee tail estate according to Florida Statute Section 689.14?
The grantee receives a life estate and the lineal descendants receive the remainder per stirpes
What was the rule in Shelley's Case related to?
Granting both a life estate and a remainder to the grantee's heirs
When was the rule in Shelley's Case abolished in Florida?
1945
Under common law, when must a specific future interest vest or fail according to the Rule Against Perpetuities?
By the end of a life in being plus twenty years
To which interests does the Rule Against Perpetuities apply?
Contingent remainders, vested remainders subject to open, and executory interests
What is the approach to the rule against perpetuities in Florida?
The uniform statutory approach
Which of the following is NOT a type of interest affecting real property mentioned in the text?
Easements
What is the purpose of a right of first refusal?
To give the holder the right to purchase the property on the same terms as a third-party offer
What is the main requirement for an option holder to exercise their option?
Strict compliance with the option terms
What is the relationship between a mortgage and an interest in real property in Florida?
Mortgages create a lien that affects the title to the property
Which of the following is NOT a type of contract mentioned in the text that can affect real property?
Leases
What is the consequence of a right of first refusal holder properly exercising their right?
The third-party purchaser's rights are extinguished
What is the purpose of a restriction on real property, as mentioned in the text?
To contractually affect the use of the property
What is the purpose of Florida Statute Section 689.14 regarding fee tail estates?
To abolish fee tail estates in Florida and convert them into life estates for the grantee.
What is the effect of the Rule in Shelley’s Case as per the text?
It grants a life estate to the grantee and a remainder to the grantee's heirs.
According to the Florida Statutes, a non-vested interest in property is invalid unless:
Both (a) and (c)
What is the purpose of a right of first refusal in the context of real property?
To give the holder the right to purchase the property on the same terms as a third-party offer
What was the purpose of abolishing the Rule in Shelley’s Case in Florida?
To simplify property ownership laws.
What is the general time limit for a specific future interest to vest or fail under the Rule Against Perpetuities?
By the end of a life in being plus twenty-one years.
If a holder of a right of first refusal properly exercises their right, what happens to the third-party purchaser's rights?
The third-party purchaser's rights are extinguished
What is the main requirement for an option holder to exercise their option to purchase real property?
Providing tangible proof of being ready, willing, and able to tender payment and perform at closing
Which interests are subject to the Rule Against Perpetuities according to the text?
Contingent remainders and executory interests.
What is the consequence of attempting to create a fee tail estate under Florida Statute Section 689.14?
The original grantee retains a life estate, and descendants inherit per stirpes.
What type of interest does a mortgage create in Florida?
A lien on the property
Which of the following statements about restrictions on real property is true, according to the text?
Restrictions may be contractual rights that affect real property, without conveying any interest in them
What happens if the condition precedent of a non-vested interest in property is not satisfied or does not become impossible to satisfy within 90 years after its creation?
The interest is invalid
If a holder of a right of first refusal properly exercises their right, what happens to subsequent modifications to the deal terms (other than price) made after the exercise?
Neither (a) nor (b)
Which of the following contracts is NOT mentioned in the text as potentially creating or conveying interests affecting real property?
Lease agreement
What is the relationship between an option contract and a bilateral contract, according to the text?
An option contract becomes a bilateral contract if the terms and conditions are met by the option holder
Test your knowledge on Fee Tails estate and Rule in Shelley’s Case in property law. Learn about the abolition of fee tail estate and the implications of Rule in Shelley’s Case. Explore the historical background and legal principles behind these two concepts.
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