BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Non-freehold estate
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Fee Simple Absolute
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Conditional Estate
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Restrictive Covenant
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Detailed explanation-1: -Nonfreehold estates are a type of real property that you have a limited right to use or occupy but don’t own. In effect, you lease the property without holding any ownership over it. For example, a nonfreehold estate may include a condo you rent.
Detailed explanation-2: -Also known as a leasehold estate, a nonfreehold estate is created through a lease or rental agreement that can be either written or oral.
Detailed explanation-3: -Nonfreehold estates are interests in real property without seisin and which are not inheritable. The four main types of nonfreehold estates are an estate for years, an estate from year to year, a tenancy at will, and a tenancy at sufferance.
Detailed explanation-4: -A freehold estate can simply be thought of as a property to which an individual owns a title and deed, while a non-freehold estate can be thought of as a property which someone pays rent to use.