Principles of Real EstateQuestion 10 of 120
A life estate is BEST described as an ownership interest that:
a.Lasts forever and passes to the owner's heirs
b.Lasts for the duration of a specified person's life
c.Automatically converts to a fee simple after 21 years
d.Can never be transferred during the holder's lifetime
Explanation
A life estate lasts only for the life of a named measuring person, after which title passes to a remainderman or reverts to the grantor. The life tenant may use and even lease the property during the measuring life but cannot pass fee ownership to heirs.
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