Freehold vs. Leasehold Final Study Guide Exam 2024.

Freehold vs. Leasehold Final Study Guide Exam 2024. Act of waste - CORRECT ANSWER Abuse of a property by a person who holds possession through a life estate Fee simple - CORRECT ANSWER An inheritable estate Fee simple absolute - CORRECT ANSWER Provides the most complete form of ownership and bundle of rights in real property Qualified fee - CORRECT ANSWER An inheritable freehold estate that is defeasible (the grantor can terminate the title). For example, a parent could transfer property to a child as long as the child remained unmarried. Life estates - CORRECT ANSWER Ownership, possession, and control for someone's lifetime Freehold estates - CORRECT ANSWER Ownership for an undetermined length of time; an example is homeownership.