Asked by zaimel moses on Jun 12, 2024
Verified
Lydian owns a small island outright.She is said to have a(n) :
A) estate in fee simple.
B) leasehold estate.
C) life estate.
D) reversion estate.
Estate In Fee Simple
Refers to the most complete ownership of land or property that can be legally held under common law, implying absolute ownership without any limitations or conditions.
Leasehold Estate
The creation of an ownership interest in the tenant. An interest in real estate that is held under a lease. Also called tenancy.
Life Estate
An estate in which the owner owns real property for his or her life or for the life of another.
- Comprehend different types of property ownership and the legal implications of each.
Verified Answer
FR
Feranmi RaymondJun 13, 2024
Final Answer :
A
Explanation :
An estate in fee simple means that the owner has the absolute ownership of the property and can do whatever they want with it. Since Lydian owns the island outright, this is the best choice.
Learning Objectives
- Comprehend different types of property ownership and the legal implications of each.