Many states have enacted laws that determine the flow of ownership rights of real property in the case of the owner's death.For example,in the state of Florida if a family residence is declared a homestead and the owner of the property passes away,the surviving spouse and children will have automatic interests in the property.This type of estate is more commonly referred to as:
A)Legal life estate with remainder interest
B)Ordinary life estate with remainder interest
C)Fee simple conditional interest
D)Periodic tenancy

Question

Quizplus · Accepted Answer

In Florida, a homestead property creates a legal life estate with remainder interest upon the owner's death, where the surviving spouse receives a life estate and the children receive a remainder interest.

Many States Have Enacted Laws That Determine the Flow of Ownership