Property Ownership
In New Mexico, the term 'fee simple defeasible' means the ownership:
AIs shared between spouses as community property
BMay be terminated if a specified condition occurs or a use restriction is violated✓ Correct
CCannot be transferred without court approval
DExpires after 99 years
Explanation
Fee simple defeasible estates can be terminated if the holder violates a stated condition. Types include fee simple determinable (ends automatically) and fee simple subject to condition subsequent (grantor may reclaim).
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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.
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.
State-Specific Concepts
Community Property
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