Which of the following best describes 'fee simple absolute' ownership?
Why The highest form of ownership with no conditions or limitations on use or transfer Is Correct
Answer B: The highest form of ownership with no conditions or limitations on use or transfer
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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