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Business Finance

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1. Explain the following and give an example of each: a. Fee simple absolute: b. Fee simple determinable (qualified by a special limitation): c. Fee simple subject to condition subsequent 2. Explain the following terms: TAR a. Easement by necessity: b. Easement in gross: c. Easement by prescription: 3. Give the meaning of: a. Liens: b. Deed restrictions: C. Covenant: JOHN SOUTHALL BUAD 371.101 SECOND 4. Explain the following co-ownerships: a. Tenancy in common: b. Joint tenancy C. Tenancy by the entirety: 5. Name the parties to a trust and the role of each party. 8. Explain the validity of each of the following: a. Valid contract: b. Void c. Voidable: d. Unenforceable: JOHN SOUTHALL BUAD 371.101 SECOND EXAM 5 9. List the six types of liens and explain each one:
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Fee simple absolute
This can be defined as the interest in property when will receive when the either buy land or receive it
as a gift. The reason why the interest is absolute is because it will not end on the occurrence of any
condition. The owner of this has the right of possession, right of alienation and finally the right of
exclusion. In other words, the holder is entitled to all rights to the property. An example is when Ann
gives a piece of land to Jane under this then Jane obtains all the rights to this piece of land.
Fee simple determinable (qualified by a special limitation)
This is simply a freehold estate that comes with a special limitation. In this case, if by any chance the
new owner fails to comply with the terms provided by the limitation, then the owner, who is the
grantor, has the right ...


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