36 Questions
What type of estate conveys the fee title, or a portion thereof, to the grantee or transferee for life or for a potentially unlimited duration?
Freehold estate
Which of the following is an example of a non-freehold estate?
Lease
What type of interest is associated with non-freehold estates and is not the physical property itself?
Incorporeal hereditament
How can the fee title be divided?
Vertically and horizontally
Which of the following is a type of defeasible fee?
Fee simple determinable
What type of estate involves future interests in other parties?
Non-freehold estate
What is another name for a 'right of reentry'?
Power of termination
What happens if the property is used for commercial purposes and B has a fee simple interest?
A must exercise the power of termination to retake the property
What type of remainder is created when property is granted to both a direct grantee and a named third party, with no condition precedent for the third party?
Indefeasibly vested remainder
What happens when a class gift is made 'to the children of B and their heirs'?
The class closes when any class member is entitled to immediate possession
What type of remainder is created when property is granted 'To A for life, then to B, but if A stops growing corn, then to C'?
Vested remainder subject to complete divestment
What happens to a contingent remainder in Florida if it does not vest before the preceding estate terminates?
It is destroyed
What type of executory interest 'cuts short a prior estate created in the same conveyance, so the estate shifts from one grantee to another grantee upon the happening of a condition'?
Shifting executory interest
Which of the following is NOT a type of remainder mentioned in the text?
Reversionary remainder
What is the difference between a 'vested remainder subject to open' and a 'contingent remainder'?
A vested remainder subject to open is created in an ascertained grantee, while a contingent remainder is created in an unascertained grantee
What is the main purpose of the 'Rule of Convenience' mentioned in the text?
To determine when a class gift closes
What is a vertical severance in the context of real property?
The division of property into separate lots or based on acreage
Which of the following statements about the surface owner's rights in Florida is true?
The surface owner is also the owner of the airspace above their land
What characterizes a fee simple estate in real property?
It is a perpetual estate without condition or restriction, granting the owner sole power to own and control the property
What is true about the transferability of a fee simple estate?
It can be freely alienated, liened, and inherited, in whole or in part
What is a fee simple determinable estate?
An estate that automatically terminates upon the occurrence of a specified event
What is the difference between a fee simple determinable estate and a fee simple estate subject to a condition subsequent?
A fee simple determinable estate automatically terminates upon the occurrence of a specified event, while a fee simple estate subject to a condition subsequent can be terminated by the grantor upon the occurrence of a specified event
What is the grantor's right called in a fee simple determinable estate?
Possibility of reverter
What is true about the transferability of a fee simple determinable estate?
It can be freely alienated, devised, and descended, but always subject to the stated condition or event
What is the grantor's right called in a fee simple estate subject to a condition subsequent?
Power of termination
What is the statutory limitation on the duration of the grantor's power of termination or possibility of reverter in Florida?
21 years
What type of interest does the grantor retain when a fee simple determinable is conveyed?
Possibility of reverter
Which of the following phrases is typically used to create a fee simple subject to a condition subsequent?
"Provided that" or "but if"
If the language in a deed is ambiguous, what could the grantor inadvertently create instead of a condition subsequent?
A covenant
What type of future interest is held by the grantor after conveying a life estate without conveying the remaining interest?
Reversion
What type of interest does a third party receive in a fee simple subject to an executory limitation?
Either a springing or shifting executory interest
What is the primary difference between a life estate and a fee simple estate?
A life estate holder cannot commit waste, while a fee simple holder can
What type of future interest is held by the grantor after conveying a fee simple subject to a condition subsequent?
Power of termination
What happens to a life estate if the holder dies?
It is not devisable or descendible, so it is extinguished
What type of future interest is held by the grantor in the following example: "To A for life, then to B one year after A's death"?
Reversion subject to executory limitation
Which of the following statements is true about a fee simple subject to an executory limitation?
It is alienable, devisable, and descendible, but subject to the stated condition
This quiz provides an overview of freehold estates in real property, including fee simple, defeasible fees, and life estates. It covers topics such as fee title division and different forms of freehold estates.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
