A Fee Tail Is an Ownership Interest in Land,recognized in Only

question 77

True/False

A fee tail is an ownership interest in land,recognized in only a minority of states,which limits succession of the property to members of the owner's family only.

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Definitions:

Accumulated Depreciation

The cumulative depreciation of an asset up to a single point in its life, reflecting its decrease in value over time.

Debit

A bookkeeping entry that boosts an asset or expense account, or reduces a liability or equity account.

Tangible Asset

Physical assets or property owned by a person or company, such as buildings, machinery, and vehicles.

Physical Existence

The tangible presence of an entity or an asset, capable of being seen or touched.