Property Ownership
A life estate in Michigan is an ownership interest that:
ALasts forever and can be inherited
BLasts only for the duration of the measuring life✓ Correct
CTerminates after 99 years
DCan only be held by married couples
Explanation
A life estate is a freehold estate that lasts only for the duration of the measuring life (usually the life tenant's life). Upon death of the measuring life, the property passes to the remainderman.
People Also Study
Related Michigan Questions
- A Michigan buyer obtains a $180,000 mortgage with a 30-year term and a monthly P&I payment of $1,198. How much total interest will be paid over the life of the loan?Real Estate Math
- A Michigan buyer obtains a 30-year mortgage for $240,000 at 6.5% interest. The monthly PI payment is approximately $1,517. What is the total interest paid over the life of the loan?Real Estate Math
- A Michigan property owner in joint tenancy dies. Their interest automatically passes to:Property Ownership
- The bundle of rights associated with real property ownership in Michigan includes which of the following?Property Ownership
- In Michigan, which form of ownership is NOT subject to the right of survivorship?Property Ownership
- Under Michigan law, ownership of land abutting a non-navigable lake typically extends:Property Ownership
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.
Study This Topic
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →