Final answer:
A fee simple defeasible, also known as a qualified fee estate, is a type of ownership interest in real property with certain conditions or limitations. It is a lesser form of fee simple ownership and can be terminated if certain conditions are not met.
Step-by-step explanation:
A fee simple defeasible, also known as a qualified fee estate, is a type of ownership interest in real property. It is a lesser form of fee simple ownership and comes with certain conditions or limitations. Unlike a fee simple absolute, which is the highest form of property ownership with no strings attached, a fee simple defeasible can be terminated if certain conditions are not met.
There are two types of fee simple defeasible: fee simple determinable and fee simple subject to condition subsequent. In fee simple determinable, the ownership will automatically terminate if a specific condition occurs. For example, if a property is transferred with the condition that it must be used for educational purposes, and if it ceases to be used for educational purposes, the ownership will revert back to the grantor. In fee simple subject to condition subsequent, the grantor has the right to terminate the ownership if a specified condition is violated. However, the grantor must take legal action to enforce this condition.