Question

You buy a property on a land contract. Until you get it paid for you have a:

a) leasehold estate
b) possessory estate
c) equitable estate
d) fee simple absolute estate

Answer 1

When you buy a property on a land contract, you have a possessory estate until you have fully paid for it. A possessory estate allows you to possess and use the property, but does not provide full ownership rights.

Step-by-step explanation:

When you buy a property on a land contract, you have a possessory estate until you have fully paid for it. A possessory estate is a type of property ownership that allows you to possess and use the property, but does not provide full ownership rights like a fee simple absolute estate. With a possessory estate, you have the right to enter into contracts with other parties regarding the use of the property. Once the land contract is fully paid, you will typically have the option to convert it to a fee simple absolute estate, which grants you full ownership rights.