Daily Real Estate Vocab #23 - Fee Simple Absolute

Daily Real Estate Vocab is here! Today we discuss Fee Simple Absolute. Fee simple absolute or (fee simple for short) is an estate in land. It is the highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent and is only limited by government powers. A Fee Simple Absolute is a FREEHOLD ESTATE. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own. The fee simple estate has unlimited duration and can be passed on to heirs. Three key takeaways from that. 1. Again, since it is a type of freehold estate the time interests are granted is indefinitely. So for an unlimited duration. 2. Interests wise, it is the highest form. That means the owner can enjoy the property to its fullest extent and is only limited by government powers. And you’ll see later on in the series examples of property not being owned to the fullest extent, but again that's for another video. And then 3, the third takeaway, is as stated in the definition, fee simple estates can be passed on to heirs. That means if someone owns the land through a fee simple absolute, has one kid and passes away the land and its rights would transfer to their child. For more vocab terms check out our ultimate guide here: https://realestatelicensewizard.com/real-estate-terms/ #realestate #realestateexam #realestatelicense -=-=-=-=- Don’t forget to like and subscribe for more! Want to learn more about the smart way to get your real estate license and start a successful real estate career? Then make sure to visit the Real Estate License Wizard, getting started is easy. Just click the page below: https://realestatelicensewizard.com