Property Ownership
A life estate in Maine is a property interest that:
ALasts for 99 years
BLasts for the lifetime of a specified person✓ Correct
CCan be inherited by the life tenant's heirs
DCan only be created by will
Explanation
A life estate lasts for the lifetime of the measuring life (usually the life tenant). It cannot be inherited because it terminates at death; the property then passes to the remainderman.
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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.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
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