Paralegal Advanced Competency Exam (PACE) Practice Exam

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Study for the Paralegal Advanced Competency Exam (PACE). Utilize flashcards and multiple-choice questions designed to enhance your knowledge of paralegal standards and competencies. Prepare effectively and increase your chances of passing!

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What does it mean for property to be held in 'fee simple'?

It can be leased but not owned
The owner has near-absolute ownership rights
It is owned by the government
It can only be transferred by a court order

The correct answer is: The owner has near-absolute ownership rights

Holding property in 'fee simple' refers to a type of ownership that grants the owner the maximum possible rights and privileges over the property. This form of ownership means that the owner has near-absolute ownership rights, which include the ability to sell, transfer, lease, or bequeath the property as they see fit. This is contrasted with other forms of property ownership that may impose certain limitations or restrictions. For instance, options that suggest the property can be leased but not owned or is owned by the government misunderstand the nature of fee simple ownership, as it provides indivisible control to the private owner rather than limited rights or governmental control. Similarly, the notion that the property can only be transferred by court order does not align with fee simple ownership, as it is intended to allow for voluntary transfer and complete control by the owner without extensive legal intervention.