Property Ownership
In NJ, a fee simple absolute estate is described as:
AAn ownership interest that lasts only for the owner's lifetime
BThe highest form of real property ownership—complete, unlimited, and without condition or restriction✓ Correct
CAn ownership interest shared with the government
DA leasehold interest with an option to buy
Explanation
Fee simple absolute is the most complete form of property ownership recognized in law. The owner has the right to use, possess, encumber, and transfer the property without condition or limitation.
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Related New Jersey Questions
- A fee simple absolute estate is best described as:Property Ownership
- In NJ, a 'right of entry' (condition subsequent) in a deed differs from a fee simple determinable in that:Property Ownership
- In New Jersey, ownership of real property by two or more persons with equal, undivided interests and right of survivorship is called:Property Ownership
- Fee simple defeasible is a type of ownership that:Property Ownership
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).
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.
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