If a possibility of reverter or right of entry for condition broken in land is reserved in a deed executed after May 11, 1953, or in a will of a testator who dies after May 11, 1953, and the possibility of reverter does not become a possessory interest or the right of entry is not exercised within twenty (20) years from the date of the execution of the deed or the death of the testator, then the possibility of reverter or right of entry shall become void, except a housing restriction as set forth in § 34-39.1-3.