What is a life estate?
What will be an ideal response?
A life estate is an interest in real property that lasts for the life of a specified person, usually the grantee. The person who is given a life estate is called the life tenant. A life estate may also be measured by the life of a third party, which is called estate pour autre vie, or it may be defeasible. Upon the death of the named person, the life estate terminates, and the property reverts to the grantor or the grantor's estate or other designated person. A life tenant is treated as the owner of the property during the duration of the life estate. He or she has the right to possess and use the property except to the extent that it would cause permanent waste of the property.
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Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false
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Eliasen, Inc invests its excess cash in Creative Technologies, Inc and acquires 3,300 shares for $32
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