Property Law

Question 1

Types of Present Interest

Answer 1

Fee Simple
Life Estate
Estate for Years
Determinable Interest

Question 2

Types of Future Interest

Answer 2

-Reversionary
-Remainder

Question 3

Reversionary

Answer 3

Property will, or may be, returned to its original owner

Question 4

Remainder

Answer 4

Property will, or may, pass to successive owners at a given time or occurrence of an event

Question 5

Property Ownership Subject to Probate

Answer 5

Sole Ownership
Tenants in Common
Community Property

Question 6

Property Ownership NOT Subject to Probate

Answer 6

Tenancy by the Entirety
Joint Tenancy
Living Trust
Namer beneficiary (passes by contract)

Question 7

Life Estate

Answer 7

Use or benefit of property for life
Terminated at death of holder
Holder has no rights of disposition at death
At holder’s death, either;
-revert to Grantor, or
-pass to predetermined remainderpersons

Question 8

Estate for Years

Answer 8

Holder’s use or benefit from property is limited to a specified term of years
Holder generally has no rights of disposition at the end of term
At holder’s death, rights either:
-revert to grantor
-pass to predetermined remainderpersons