Principles of Real EstateCâu 10 / 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
Giải thích
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.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A right to use another person's land for a specific purpose, such as a shared driveway, is called a(n):
- Which type of easement is created for the benefit of a neighboring parcel and transfers automatically when that parcel is sold?
- The highest and most complete form of ownership interest in real property is:
- When two or more people own property as joint tenants with right of survivorship, what happens when one owner dies?
- Texas is a community property state, which generally means that property acquired by either spouse during marriage is:
- Which document is the primary legal instrument used to transfer title to real property from one party to another?
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