Property Ownership
In South Dakota, the term 'fee simple absolute' describes:
AA lease for a fixed period of time
BThe highest form of real property ownership with no conditions or limitations✓ Correct
COwnership shared between two or more parties
DA life estate that converts to fee simple upon death
Explanation
Fee simple absolute is the highest and most complete form of real property ownership. The owner has the right to use, enjoy, and dispose of the property without limitation, subject only to government powers (taxation, eminent domain, police power, escheat).
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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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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