Asked by Janiel Samuels on May 26, 2024
Verified
Which of the following is a true statement concerning a life estate?
A) A life estate is an ownership right for the life of the grantor.
B) A life estate is an ownership right in property for the life of any individual designated by the grantor.
C) A life estate requires special wording, prescribed by statute, to create it.
D) None of these.
Life Estate
A property interest held during the lifetime of a specific individual, after which it passes to another designated party.
Grantor
A grantor is an individual or entity that transfers ownership of property.
Designated
Appointed or chosen for a specific purpose or position; marked for a specific role or use.
- Differentiate among the diverse categories of property interests like fee simple, life estate, and leasehold interests.
Verified Answer
BC
Braque CarterMay 28, 2024
Final Answer :
B
Explanation :
A life estate is indeed an ownership right in property that lasts for the life of any individual designated by the grantor, not necessarily the grantor themselves. This means the grantor can specify another person whose life will determine the duration of the estate.
Learning Objectives
- Differentiate among the diverse categories of property interests like fee simple, life estate, and leasehold interests.