Property Ownership
A 'life estate' in Maine grants the holder:
AOwnership of the property forever
BThe right to use and enjoy the property for the duration of their life or another's life✓ Correct
CA 99-year leasehold interest
DOwnership only during daylight hours
Explanation
A life estate grants the holder (life tenant) the right to use, occupy, and profit from the property for the duration of their life or the life of another person (pur autre vie).
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Math Concepts
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