Patsy possesses twenty-four acres of remote,rugged land.Patsy has the right to use the property,in-cluding extracting silver from an existing mine,for life.Patsy also has the right to lease the land for a period not to exceed her life.Patsy's ownership interest is

Question

Quizplus · Accepted Answer

Patsy's ownership interest is a life estate, which means that she has the right to use and enjoy the property during her lifetime, but does not have the power to sell or transfer the property to anyone else. Additionally, Patsy's right to use the property ends upon her death, at which point the ownership of the property would pass to someone else (such as the original owner or a designated heir). The option to lease the land for a limited period of time does not change the fact that Patsy's ownership interest is a life estate. Therefore, choice C is correct.

Patsy Possesses Twenty-Four Acres of Remote,rugged Land