Property Ownership
A fee simple defeasible estate is best described as:
AAn ownership interest that lasts for one person's lifetime
BAn ownership interest that can be lost if a specified condition is violated✓ Correct
CAn ownership interest that cannot be transferred
DAn ownership interest held by two or more people equally
Explanation
A fee simple defeasible (also called conditional fee) is an ownership interest that can be terminated if a specific condition is violated or a specific use is abandoned.
Related Arkansas Property Ownership Questions
- An encumbrance that makes real property less desirable but does not prevent transfer of title is an example of:
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- Which of the following is typically considered personal property (not a fixture) in a real estate sale?
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