Property Ownership and Land Use Practice Question
Question
A broker is supervising a transaction file involving life estates. Which statement is the most accurate exam answer? (Item 22)
Answer choices
- A. It makes oral promises enforceable in every real estate transaction.
- B. Identify that a life estate lasts for the measuring life and then passes to a remainderman or reversioner.
- C. It is optional whenever both parties verbally agree to proceed.
- D. It allows a salesperson to act independently of the responsible broker.
Correct Answer
B. Identify that a life estate lasts for the measuring life and then passes to a remainderman or reversioner.
Explanation
The correct answer is B because life estates requires candidates to identify that a life estate lasts for the measuring life and then passes to a remainderman or reversioner. The other options overstate the effect of custom, oral agreement, escrow, or independent salesperson action and do not reflect safe California exam practice.
Question details
- Difficulty: easy
- Domain: Property Ownership and Land Use
- Objective: life estates