Property Ownership
What is a 'life estate' in Hawaii real estate?
AA. A property held in trust for the owner's life
BB. An ownership interest that exists only during the life of a specified person, after which title passes to another✓ Correct
CC. A long-term lease guaranteed for the tenant's lifetime
DD. A property deed that cannot be sold during the owner's life
Explanation
A life estate grants ownership of real property for the duration of a person's life (the life tenant). Upon death, ownership passes to the remainderman or reverts to the grantor.
People Also Study
Related Hawaii Questions
- In Hawaii, the 'right of survivorship' in joint tenancy means that upon the death of one joint tenant:Property Ownership
- A Hawaii buyer's closing costs are 3% of the $550,000 purchase price. How much are the closing costs?Real Estate Math
- In Hawaii, a 'life estate' that allows the life tenant to use and enjoy the property also requires the life tenant to:Property Ownership
- In Hawaii, leasehold ownership means the buyer:Property Ownership
- What is a 'time-share' ownership in Hawaii under the Hawaii Time Sharing Plan Act?Property Ownership
- In Hawaii, the ahupua'a system refers to:Property Ownership
- The Mahele of 1848 in Hawaii was significant because it:Property Ownership
- A Hawaii homeowner's association (HOA) has the authority to:Property Ownership
Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Life EstateA 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.
Study This Topic
Practice More Hawaii Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Hawaii Quiz →