I just inheirited a Limited Grand Cherokee, mummm
not sure what I got here. Understand it is a all time 4wd, but what does that really mean. What kind of performance or problems can I expect. I notice the rear main seal leaks and the exhaust system is loose. Other than that the 132,000 miles seems to not affect the engine, yikes 5.2 I like to know what kind of drive train is on it for real. There has been no modifications done to the vehicle. It was owned by a older relative. Mostly use on dirt roads to and from town short distanced. I have sevral jeeps, cj,yj and xj. so I am not a beginner here, I can take it. Any information I can get will help to decide to keep it dump it.  

well, full time 4wd means there's no transfer to 2wd. the gas milage might suck a bit with the 5.2.  

Well, depends on if you want to really wheel with it, or just use it for driving around. Sounds like you might be OK with just a few minor repairs.