Property Ownership
In New Mexico, a leasehold estate is best described as:
AA freehold estate with full ownership rights
BA non-freehold estate giving the right to possess and use property for a defined period✓ Correct
CA type of community property
DA fee simple defeasible estate
Explanation
A leasehold is a non-freehold estate—the tenant (lessee) has the right to possess and use the property but does not own it. The landlord (lessor) retains the freehold interest.
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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.
Community PropertyIn community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
State-Specific Concepts
Community Property
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