Ownership of Real Property in Fee Simple Defeasible Means That

question 109

Multiple Choice

Ownership of real property in fee simple defeasible means that:

• A) the ownership is for only a limited period of time.
• B) the ownership is absolute, except that ownership may be lost upon the occurrence or non-occurrence of some specified event.
• C) the property remains titled to the grantor.
• D) some type of joint ownership exists.
• E) the property was acquired through a donation.

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Definitions:

Days' Sales Uncollected

A financial ratio that measures how efficiently a company is collecting revenue from its credit sales by calculating the average number of days that sales remain uncollected.

Voucher System

A financial control mechanism in accounting where vouchers are created for each transaction, and supporting documents are required for authorization before payment.

Bank Statement

A summary of financial transactions which have occurred over a given period on a bank account held by a person or business with a financial institution.

Deposits

Funds placed into a bank account or with some other entity for safekeeping, which can include money put in savings or checking accounts.