Which of the following BEST describes a 'life estate' in Alaska?
Why A freehold estate that lasts for the duration of a specified life Is Correct
Answer B: A freehold estate that lasts for the duration of a specified life
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
A freehold interest in real property that lasts only for the duration of a specified person's life.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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