Which of the following is the highest interest in real property?
this time period may be for a lifetime for forever. is the highest interest in real estate recognized by law. fee simple ownership is absolute ownership: the holder is entitles to all right to the property. it is limited only by public and private restrictions; such as zoning laws and restrictive covenants.
What are the two main types of possessory interest in real property?
The two types of possessory interests are freehold and leasehold estates. Easements and liens are non-possessory interests.
Which of the following best describes actual notice?
Which of the following best describes actual notice? It is knowledge received or imparted through direct experience.
What is the difference between a freehold estate and a leasehold estate?
The freehold estate is characterized by indefinite duration, and the owner has title and the right to possess. The leasehold estate, by contrast, lasts for a specific period. The owner of the leasehold estate—the tenant—may take possession but does not have title to the underlying real property.
Which estate is always inheritable?
The fee simple absolute is inheritable; the life estate is not. A fee simple absolute is the most extensive interest in real property that an individual can possess because it is limited completely to the individual and his heirs, assigns forever, and is not subject to any limitations or conditions.
What is the highest and best ownership?
What is the highest and best ownership? FEE SIMPLE: Fee Simple Absolute ownership is always clearly stated on the transfer papers (the deed) to the property. It can be called any or all of the three words, but it means the highest and best form of ownership.
What are the two types of fee simple estate?
Fee Simple Estates are the most common and grant a complete interest in land (its yours to be used without conditions or limitations). There are two kinds of Fee Simple: Absolute or Defeasible.
What’s the difference between reversionary interest and remainder interest in a property?
The key difference between a reversion and a remainder is that a reversion is held by the grantor of the original conveyance, whereas “remainder” is used to refer to an interest that would be a reversion, but is instead transferred to someone other than the grantor.
What is undivided fractionalized long term estate?
(8) (a) “Undivided fractionalized long-term estate” means an ownership interest in real property by two or more persons that is: (i) a tenancy in common; or (ii) a fee estate.
What has the greatest impact on the value of a property?
A home’s size has a major influence on its value, with some prospective homebuyers looking specifically at price per square foot to filter out this effect and determine value. Bigger houses tend to sell for higher prices, of course.
What rights does an owner in fee simple have?
Fee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the land and any buildings on that land. He is free to do whatever he wishes on the land subject to local zoning ordinances. Fee simple and fee simple absolute are the same thing.
What is complete fee simple title?
Fee simple refers to how people own real estate. … With fee simple, you take full and complete ownership of a piece of land and any buildings that sit on it. If you buy a home, that means you own the land, the home and any other outbuildings on that land, including sheds, garages or coach houses.