BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Fee Simple Absolute
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Conditional Estates
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Life Estates
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Non-freehold Estates
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Detailed explanation-1: -Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs".
Detailed explanation-2: -Sole ownership is one of the simplest types of ownership in real estate. As the name implies, sole ownership is when an individual is the only owner of a property, and they can sell, lease or give the property to another party without needing anyone’s permission.
Detailed explanation-3: -Other words associated with fee are fief, feudal and pecuniary. Thus, fee simple means the maximum interest in the property, being unqualified, of indefinite duration, freely transferable and inheritable.
Detailed explanation-4: -For example, a fee simple conditional estate that John received can specify that it was given to John and his male heirs. Through that wording, John can not will the estate to a daughter or niece, but only to male heirs of his.