Property Ownership
What is a 'life estate' in Nevada real property law?
AAn estate that lasts for 99 years
BA freehold estate that grants the holder (life tenant) the right to use and possess the property for their lifetime, after which ownership passes to the remainderman✓ Correct
CAn estate held jointly by a married couple
DAn estate used exclusively for agricultural purposes
Explanation
A life estate in Nevada grants the life tenant the right to use, possess, and enjoy the property during their lifetime. They cannot damage the property (waste) or encumber it beyond the life estate period.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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