Property Ownership
Which of the following best describes a life estate in Minnesota?
AOwnership that can be inherited by the owner's children
BAn ownership interest limited to the duration of someone's life, after which it passes to a remainderman✓ Correct
CA lease that lasts for the tenant's lifetime
DA type of mortgage with no fixed end date
Explanation
A life estate in Minnesota grants ownership rights for the duration of the measuring life (usually the life tenant's own life). Upon the life tenant's death, the property 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.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
State-Specific Concepts
DRE Regulation
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