Property Ownership
What does it mean when North Dakota farmland is held in 'fee simple determinable'?
AThe ownership is absolute and unconditional
BThe property automatically reverts to the grantor if a specified condition occurs✓ Correct
CThe property is owned by a trust
DThe property is subject to an agricultural easement
Explanation
Fee simple determinable is a defeasible estate that automatically terminates and reverts to the grantor if a specified condition occurs. Key language includes 'so long as' or 'while.
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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.
EasementA non-possessory right to use another person's land for a specific purpose.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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