Property Ownership
What is 'fee simple absolute' — the most complete form of ownership in Delaware?
AAn ownership interest that can only be held by a corporation
BThe highest form of land ownership — unlimited in duration, freely transferable, and inheritable — without conditions, limitations, or defeasible provisions✓ Correct
COwnership that requires payment of a fee to the state each year
DOwnership limited to the owner's lifetime with reversion to the state
Explanation
Fee simple absolute is the most complete form of real property ownership in Delaware — it is unlimited in duration, freely transferable to others, and passes to heirs upon death. It carries no special conditions, limitations, or defeasible provisions.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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