A life estate terminates upon the occurrence of which event?
Correct Answer
B) Death of the measuring life
A life estate is measured by a life — typically the life tenant's own life, but it may also be measured by the life of another person (called a life estate pur autre vie). The estate terminates upon the death of the measuring life, at which point the property either passes to the remainderman (a named third party) or reverts to the original grantor. The life tenant cannot sell, mortgage, or otherwise convey more rights than they hold.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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