A fee simple defeasible estate differs from a fee simple absolute estate because it:
Correct Answer
B) May be terminated or reverted if a specified condition is violated
A fee simple defeasible estate is a freehold estate that is subject to a condition or limitation. Unlike fee simple absolute, which is unconditional and perpetual, a fee simple defeasible may be terminated and ownership reverted to the grantor or a third party if the specified condition is violated. This type of estate is recognized under Iowa property law.
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Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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