Property Ownership
What is a 'life estate' and what rights does the life tenant have in Pennsylvania?
AA lease for the tenant's natural life with no right to improvements
BA freehold estate lasting for the lifetime of a specified person, with the right to use and enjoy the property but not to waste or permanently impair it✓ Correct
CAn insurance policy protecting owners for the duration of their ownership
DA type of reverse mortgage allowing seniors to remain in their homes
Explanation
A life estate is a freehold ownership interest lasting for the lifetime of a specified person (the measuring life). The life tenant has the right to possess, use, and enjoy the property, and may collect rents, but cannot commit 'waste' (permanently damage or diminish the property's value).
Related Pennsylvania Property Ownership Questions
- A Pennsylvania 'life estate deed' naming an elderly parent as life tenant and children as remaindermen would help the family by:
- Under Pennsylvania law, a deed conveying property to 'John and Mary Smith, husband and wife' creates what type of ownership?
- An easement appurtenant runs with the land, meaning:
- The Uniform Residential Landlord and Tenant Act (URLTA) standardizes:
- The dominant tenement in an easement relationship is:
- Which type of deed provides the greatest protection to the buyer?
- Which of the following is an example of a freehold estate?
- An encroachment occurs when:
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