Property Ownership
In New Mexico, a 'life estate' grants the holder (life tenant) the right to:
AOwn the property permanently
BUse and enjoy the property during their lifetime, with the remainder passing to a designated remainderman at death✓ Correct
CTransfer the property to heirs by will
DMortgage the property for the full fee simple value
Explanation
A life estate grants occupancy and use rights for the holder's lifetime. The remainderman holds a future interest (remainder) that becomes possessory at the life tenant's death. The life tenant cannot encumber or deed beyond their own interest.
Related New Mexico Property Ownership Questions
- Which type of deed provides the greatest protection to the grantee in New Mexico?
- The government's right to collect unpaid property taxes by seizing and selling the property is called:
- In New Mexico, a 'leasehold estate' for a fixed term (e.g., a 2-year lease) is known as a:
- A New Mexico property owner who donates land to a church with the condition that the land must be used for religious purposes, and if not, the land reverts to the donor, has created a:
- Which statement is correct about fee ownership vs. easement ownership in New Mexico?
- In New Mexico, a 'statutory warranty deed' provides:
- Escheat in New Mexico refers to:
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