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Which of the following statements is TRUE? As a general rule, a person who holds a life estate has no obligation to spend money to keep the property in good condition but only has an obligation to prevent waste. The common law refuses to recognize non-possessory interests in land. A fixed-term tenancy can be terminated only through a notice to quit. Fee Simple property rights can only be acquired through contract. Land cannot be expropriated if it is subject to a fee simple