Asked by Abtin Hoseini on Jun 24, 2024
Verified
What type of ownership interest does Akira have in the mansion?
A) Fee Simple Absolute.
B) Conditional Estate
C) Life Estate.
D) Simple Estate.
E) Simple Conditional Estate.
Conditional Estate
A type of property ownership that is contingent upon certain conditions, which if not met, can result in the loss of property rights.
Life Estate
A legal arrangement where an individual has the right to use and benefit from a property for the duration of their life, but does not own the property outright.
- Familiarize oneself with the legal connotations and implications connected to various ownership types of property, encompassing fee simple absolute, life estate, and conditional estate.
Verified Answer
KT
Kritika TrivediJun 30, 2024
Final Answer :
B
Explanation :
Akira has a Conditional Estate in the mansion because her ownership is contingent upon not altering the exterior of the mansion. If she violates this condition, ownership transfers to the historical society, as specified in the grandmother's will.
Learning Objectives
- Familiarize oneself with the legal connotations and implications connected to various ownership types of property, encompassing fee simple absolute, life estate, and conditional estate.