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Cards In This Set
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If the future interest following a life estate is in the grantee, what is it called?
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Remainder
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If the future interest following a term of years is in the grantee, what is it called?
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Remainder
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If the future interest following a fee tail is in the grantee, what is it called?
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Remainder
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What is the name of the grantee's future interest that " waits patiently" for the prior estate to "end naturally"?
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Remainder
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How can you recognize a contingent remainder?
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Its holder is unascertained or it contains a condition precedent or both.
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What two characteristics define a vested remainder?
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Its holder is ascertained and it has no condition precedent.
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What two characteristics define an ascertained person?
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The person is born and identified.
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What is a condition precedent?
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A condition that (a) is set out within the description of a particular estate and (b) must be satisfied before that estate can become possessory.
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What are "alternative contingent remainders"?
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Contingent remainders are "alternative" when they each follow the same estate and when their conditions precedent are the opposite of each other, so that the vesting of one precludes the vesting of another.
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Is a reversion deemed vested or contingent?
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Vested
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Is a right of entry deemed vested or contingent?
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Vested
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Is a possibility of reverter deemed vested or contingent?
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Vested
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To whom does a reversion belong?
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The grantor
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To whom does a remainder belong?
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The grantee
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Distinguish between a remainder and a reversion?
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A remainder is a future interest created when a grantor conveys an inherently limited possessory estate and, in the same conveyance, conveys the future interest to a second grantee.
A reversion is a future interest created when a grantor conveys an inherently limited possessory estate and retains the future interest.
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