Property Ownership
The term 'fee simple defeasible' in Mississippi refers to:
AAn estate that can be defeated or terminated upon the occurrence of a specific condition✓ Correct
BAn estate held by two or more people
CA leasehold estate with no termination date
DAn estate that cannot be transferred by will
Explanation
A fee simple defeasible (also called fee simple conditional or fee simple determinable) is a fee estate that may be terminated if a specified condition is violated or met. It is less than a fee simple absolute.
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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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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