Check Your Understanding Answers
- What is meant by the term “undivided interest”?
An owner's interest in a property in which two or more parties share ownership
- 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.
- What is thehighest form of ownership interest one can acquire in real estate?
Fee simple freehold estate
- 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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