Property Ownership
In Mississippi, a 'fee simple determinable' estate is a type of fee ownership that:
AIs owned for a fixed number of years
BContinues as long as a stated condition is met and automatically reverts to the grantor if the condition fails✓ Correct
CCannot be transferred or sold
DProvides only surface rights
Explanation
A fee simple determinable is a fee ownership that automatically ends and reverts to the grantor (by operation of law) if a stated condition fails. For example, 'to the City so long as used as a park' — if the city stops using it as a park, the property automatically reverts to the grantor or their heirs (possibility of reverter).
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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