Which statement best describes a fee simple defeasible estate?
Correct Answer
B) Ownership that may terminate if a specified condition is violated
A fee simple defeasible estate is a type of fee ownership subject to a condition or limitation. If the specified condition is violated, the estate may automatically terminate (fee simple determinable) or be subject to the grantor's right to reclaim it (fee simple subject to a condition subsequent), potentially returning ownership to the grantor or their heirs.
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Related Topics & Key Terms
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Related Concepts
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.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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