A life tenant in South Dakota commits waste by:
Correct Answer
B) Allowing the property to fall into disrepair
Waste occurs when a life tenant fails to maintain the property or takes actions that diminish its value. Allowing the property to deteriorate is called permissive waste. The life tenant has a duty to maintain the property in reasonable condition for the remainderman.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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