Bob Owns a Life Estate in a Ranch in Idaho

question 61

Multiple Choice

Bob owns a life estate in a ranch in Idaho.This means that:

• A) He can live on the ranch as long as he lives,but if he moves off the ranch,he loses it.
• B) He can live on the ranch as long as he lives,or he can sell this right to someone else.
• C) Bob,or his immediate family,can live on the ranch as long as at least one of them is still living.
• D) Bob must live on the ranch for the rest of his life.

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Definitions:

Fee Simple Absolute

Ownership rights entitling the holder to use, possess, or dispose of the property however he or she chooses during his or her lifetime.

Ownership Limitations

Restrictions or constraints on the rights of owning property, which may be imposed by law, regulations, or agreements.

Partial Ownership

Holding a fraction or a portion of the total stake or equity in a property, company, or financial asset.

Real Property

Refers to land and anything permanently attached to the land, like buildings and structures.