Property Ownership
What is a life tenant's rights and responsibilities in Nevada?
AA life tenant has all rights of fee simple ownership with no responsibilities
BA life tenant can use and enjoy the property during their life but cannot commit waste, must pay taxes and insurance, and cannot take actions that would harm the remainderman's interest✓ Correct
CA life tenant can sell the fee simple estate
DA life tenant has no right to make improvements
Explanation
In Nevada, a life tenant has the right to possess, use, and enjoy the property and may even lease it during their lifetime. However, they cannot commit waste (damage the property), must maintain it, pay property taxes and insurance, and cannot do anything that would permanently diminish value for the remainderman.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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.
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.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
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