Discuss the various estates in land
What will be an ideal response?
The various estates in land include an easement, a leasehold estate, a life estate, a conditional estate, and a fee simple absolute. An easement involves the irrevocable right to use a portion of someone else's land for a specified purpose. A leasehold estate is the right to possess property for an agreed-upon period of time. A life estate is the right to possess property until death, subject to a restriction against waste. A conditional estate is comparable to a fee simple absolute, except that the interest will terminate upon the happening or non-happening of a specified condition. Finally, a fee simple absolute is the most all-encompassing interest in land. It includes the right to possess the land for life and to devise the land to one's heirs upon death.
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What will be an ideal response?
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Indicate whether the statement is true or false
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