Real Estate Law 7

admin 2019.05.05 16:42 Views : 265

Check Your Understanding Answers

  1. What is meant by the term “undivided interest”?

    An owner's interest in a property in which two or more parties share ownership
     
  2. For what reasons might the government or a public utility take private property for public use and what is this called?

    Some examples would be to widen roadways, easements, or develop a highway. This is called eminent domain.
     
  3. What is thehighest form of ownership interest one can acquire in real estate?

    Fee simple freehold estate
     
  4. What are the two forms of fee simple estate and what do they mean?

    The fee simple absolute is a perpetual estate that is not conditioned by stipulated or restricted uses.

    The defeasible fee estate is perpetual, provided the usage conforms to stated conditions.
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