Fee Tails and Rule in Shelley’s Case Quiz

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What was a fee tail estate under common law?

An estate where the property remains with the grantor's heirs

An estate where the property reverts to the state

An estate where only lineal descendants of the grantee could inherit the property (correct)

An estate where anyone could inherit the property

What happens if someone attempts to create a fee tail estate according to Florida Statute Section 689.14?

The grant is voided

The grantee receives a life estate and the lineal descendants receive nothing

The grantee receives a life estate and the lineal descendants receive the remainder per stirpes (correct)

The grantee receives a fee simple estate

What was the rule in Shelley's Case related to?

Determining the future value of a property

Granting both a life estate and a remainder to the grantee's heirs (correct)

How to transfer a property to the state

Creating a fee simple estate for the grantee

When was the rule in Shelley's Case abolished in Florida?

1945 Signup and view all the answers

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 Signup and view all the answers

To which interests does the Rule Against Perpetuities apply?

Contingent remainders, vested remainders subject to open, and executory interests Signup and view all the answers

What is the approach to the rule against perpetuities in Florida?

The uniform statutory approach Signup and view all the answers

Which of the following is NOT a type of interest affecting real property mentioned in the text?

Easements Signup and view all the answers

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 Signup and view all the answers

What is the main requirement for an option holder to exercise their option?

Strict compliance with the option terms Signup and view all the answers

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 Signup and view all the answers

Which of the following is NOT a type of contract mentioned in the text that can affect real property?

Leases Signup and view all the answers

What is the consequence of a right of first refusal holder properly exercising their right?

The third-party purchaser's rights are extinguished Signup and view all the answers

What is the purpose of a restriction on real property, as mentioned in the text?

To contractually affect the use of the property Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

According to the Florida Statutes, a non-vested interest in property is invalid unless:

Both (a) and (c) Signup and view all the answers

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 Signup and view all the answers

What was the purpose of abolishing the Rule in Shelley’s Case in Florida?

To simplify property ownership laws. Signup and view all the answers

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. Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

Which interests are subject to the Rule Against Perpetuities according to the text?

Contingent remainders and executory interests. Signup and view all the answers

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. Signup and view all the answers

What type of interest does a mortgage create in Florida?

A lien on the property Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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) Signup and view all the answers

Which of the following contracts is NOT mentioned in the text as potentially creating or conveying interests affecting real property?

Lease agreement Signup and view all the answers

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 Signup and view all the answers