Kovats Real Estate School Practice Test

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What is the duration of a life estate?

Lasts until the owner sells it
Lasts for a lifetime
Lasts for a fixed number of years
Lasts until the property is transferred

The correct answer is: Lasts for a lifetime

A life estate is a type of property ownership that lasts for the lifetime of a designated individual, known as the life tenant. This means that the rights to use and enjoy the property continue as long as the life tenant is alive. Once the life tenant passes away, the property does not remain with them nor can it be sold by them; instead, it transfers to another party as specified in the terms of the life estate. This nature of a life estate, being tied specifically to the life span of an individual, differentiates it from other types of estates, like a fixed-term lease or a fee simple ownership, which can last longer than a person's lifetime or be influenced by sale or transfer. The option indicating that it lasts for the duration of a lifetime captures the essence of what a life estate represents in real property law.