Property Ownership
Under Delaware law, what is a 'life estate'?
AA type of insurance covering the property owner's life
BA freehold estate that lasts only for the duration of a specified person's life, after which the property passes to the remainderman✓ Correct
CAn estate plan that passes property through a trust
DA leasehold estate with a term equal to the tenant's life
Explanation
A life estate is a present possessory freehold estate limited in duration to the life of a specific person (the life tenant or measuring life). When the measuring life ends, the property automatically passes to the remainderman (or reverts to the grantor as a reversion).
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Key Terms to Know
Life Estate
A freehold interest in real property that lasts only for the duration of a specified person's life.
EasementA non-possessory right to use another person's land for a specific purpose.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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