A major difference between freehold and nonfreehold estates is that all freehold estates 1. are of indeterminable duration. 2. terminate upon the death of the person on whose life they are based. 3. are inheritable by the holder's heirs. 4. are estates for a fixed term.

The role of the credit department includes: a. evaluating customers' credit applications to determine whether they meet the company's approval standards. b. approving all credit applications in order to avoid losing sales. c. collecting cash from customers. d. following unwritten approval standards for processing customers' credit applications.