Which of the Following Is Not Considered to Be a Characteristic

question 46

Multiple Choice

Which of the following is not considered to be a characteristic of a fee simple estate?

• A) it is free of all encumbrances
• B) it may be willed
• C) it is transferable
• D) it is of indefinite duration

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Definitions:

Personally Liable

The state of being legally responsible for debts or obligations out of personal assets, not limited to business or corporate assets.

Agent

An individual or entity authorized to act on behalf of another in legal or business matters.

Holder in Due Course

A legal term for a party who has acquired a negotiable instrument in good faith and for value, affording them certain protections.

Promissory Note

A financial document in which one party promises to pay another a specific sum of money at a specified time or on demand.