If a Person Owns Real Property in Fee Simple,his or Her

question 9

True/False

If a person owns real property in fee simple,his or her ownership is finite in duration.

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Definitions:

Incorporated

The process by which a business becomes a legally recognized entity, separate from its owners, with its own rights and liabilities.

Articles of Organization

Legal documents filed with the state that formally establish the creation of a limited liability company (LLC).

Limited Liability Company

An organizational model that merges the direct tax benefits of a partnership or single ownership with the reduced legal responsibility of a corporation.

Foreign Corporation

A corporation created by or organized under the laws of a state other than the one in which it is operating.