Which of the following is true about the situation where a party who owns a fee simple absolute
conveys a life estate, but does not convey any other interest?
A) Upon the death of the holder of the life estate, the property will go to the heirs of the
holder of the life estate.
B) The grantor holds a fee simple defeasible.
C) The conveyance is invalid because it is incomplete.
D) The grantor holds a reversion.
E) The grantor has created a remainder, even though the identity of the holder of the
remainder is not yet known.
D
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A listing broker should advise a seller who is going to finance the property to have the buyer waive his homestead rights.
a. true b. false
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When recording an early payment discount on inventory items, you use the account
A. Purchases Discount B. Merchandise Discount C. Sales Discount D. Discount Expense
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