Suppose an older homeowner lives adjacent to an expanding university that is interested in acquiring her residence for future university use. To allow the homeowner to continue to retain all rights of exclusive possession, use, and enjoyment during her lifetime, yet provide the university with the right of disposition, the university may want to purchase a(n):
A) legal life estate with remainder interest
B) conditional fee absolute with reverter interest
C) ordinary life estate with remainder interest
D) tenancy for years

Question

Quizplus · Accepted Answer

An ordinary life estate with remainder interest allows the homeowner to retain rights of exclusive possession, use, and enjoyment for her lifetime, while the remainder interest grants the university the right of disposition after her death.

Suppose an Older Homeowner Lives Adjacent to an Expanding University