Property Ownership
A Wyoming buyer purchases a property described as 'free and clear'—with no mortgages or liens. The buyer pays cash. The type of ownership they receive is:
AA leasehold estate
BFee simple absolute with no encumbrances✓ Correct
CA life estate
DA fee simple defeasible
Explanation
When a property is purchased with cash, with no mortgages, liens, or other encumbrances, the buyer receives fee simple absolute title with no encumbrances. This is the cleanest and most complete form of real property ownership.
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