Property Ownership
In NJ, a 'fee simple subject to an executory limitation' (also called fee simple on an executory interest) means:
AThe property is owned by an executor of an estate
BThe estate automatically shifts to a third party (not the grantor) if a specified condition occurs✓ Correct
CThe owner holds the fee until they execute a sale
DA life estate with a reversion
Explanation
A fee simple subject to an executory limitation is a defeasible fee that, upon a specified condition, shifts automatically to a third party (the holder of an executory interest)—not back to the original grantor as in a fee simple determinable.
Related New Jersey Property Ownership Questions
- In NJ, a 'grant deed' (sometimes used in California and other states) provides covenants that:
- In NJ, a 'possessory interest' in real property that does NOT include the right of ownership is called a:
- In NJ, which of the following is a governmental power that allows the state or municipality to take private property for public use with just compensation?
- In NJ, a 'homestead' right historically protected the family home from certain creditors. In modern NJ law, the concept is reflected in:
- In NJ, a 'certificate of title' (as opposed to a title insurance policy) provides:
- In NJ, a 'quiet title' action is a lawsuit filed to:
- In NJ, the concept of 'bundle of rights' in real estate ownership includes all of the following EXCEPT:
- In NJ, a judgment entered against a property owner by a court automatically becomes a lien on the owner's real property in the county when it is:
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