Property Ownership
In Pennsylvania, a 'fee simple defeasible' estate includes which key characteristic?
AUnlimited ownership with no conditions
BOwnership that may be terminated upon the occurrence or non-occurrence of a specified condition✓ Correct
COwnership held by multiple parties jointly
DTemporary ownership for a fixed period
Explanation
A fee simple defeasible is ownership that may be lost if a specified condition occurs (fee simple subject to condition subsequent) or if a use ends (fee simple determinable). For example: 'to the city, so long as used as a park.
People Also Study
Related Pennsylvania Questions
- What is a 'property condition report' and how is it used in Pennsylvania property management transitions?Property Management
- What is a 'fee simple defeasible' estate in Pennsylvania real estate?Property Ownership
- When using the sales comparison approach in Pennsylvania, if a comparable sale has a feature the subject property lacks, the appraiser will:Property Valuation
- A 'bundle of rights' associated with real property ownership includes all of the following EXCEPT:Property Ownership
- Under Pennsylvania law, a deed conveying property to 'John and Mary Smith, husband and wife' creates what type of ownership?Property Ownership
- A key characteristic of tenancy by the entireties in Pennsylvania is: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).
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Study This Topic
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →