Property Ownership
A fee simple defeasible estate in New Jersey is best described as:
AAn absolute ownership interest with no conditions
BA freehold estate that may be lost if a specified condition occurs or fails to occur✓ Correct
CA leasehold estate for a fixed term
DAn ownership interest held only by government entities
Explanation
A fee simple defeasible is a freehold estate that can be defeated (terminated) if a specified condition is violated or fails to be met, reverting or shifting to another party.
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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).
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
EasementA non-possessory right to use another person's land for a specific purpose.
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