Property Ownership
In Massachusetts, a life estate holder may NOT:
ACollect rent from tenants
BMake improvements to the property
CSell or mortgage more than a life estate interest✓ Correct
DOccupy the property
Explanation
A life tenant in Massachusetts holds rights only for their lifetime (or the measuring life). They cannot sell or encumber more than their life estate interest—the remainderman's future interest cannot be conveyed away.
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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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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