Asked by Dylan Bailey on May 21, 2024
Verified
An interest in real property that is transferred to another for the life of that individual is called a
A) fee simple.
B) life estate.
C) future interest.
D) personal property interest.
Life Estate
A legal arrangement where an individual is granted the rights to use and benefit from property during their lifetime, but does not own the property outright.
Fee Simple
A type of real estate ownership where the owner has unrestricted rights to the property, including the right to sell or bequeath it.
Future Interest
A legal right to property ownership that will begin at a future date, rather than immediate possession.
- Explain the concept of fee simple absolute ownership and understand its importance.
- Acquire knowledge about the different forms of property possession and the correlated rights.
Verified Answer
TM
Travis McNeeceMay 27, 2024
Final Answer :
B
Explanation :
A life estate is an interest in real property that lasts for the life of a specific individual. Upon the death of that individual, the property typically reverts back to the original owner or moves on to another designated person.
Learning Objectives
- Explain the concept of fee simple absolute ownership and understand its importance.
- Acquire knowledge about the different forms of property possession and the correlated rights.