Jane purchases a residential property and holds the deed in fee simple. Which statement accurately characterizes Jane's ownership interest in the property?
Jane has full ownership of the property, subject to standard duration and usage conditions.
Jane has a limited interest that will expire after a specified period.
Jane's ownership interest will terminate upon her death, passing to her heirs.
Jane holds the property subject to the grantor's right to re-enter if certain conditions are not met.
Jane holds the property in fee simple, which is the most complete form of ownership with unlimited duration, unrestricted transferability, and no conditions or limitations unless otherwise specified.
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What does 'fee simple' mean in property law?
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Are there any limitations to fee simple ownership?
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What happens to a fee simple property when the owner dies?