Why Does Pre-license Student Need to Learn about Life Estates?
By Mary Yonkers, Erie/PA Real Estate Instructor
(Alan Kells School of Real Estate/Howard Hanna Real Estate)
Why Does Pre-license Student Need to Learn about Life Estate? What is the importance of knowing about life estates if I am just going to list and sell residential real estate? How does a life estate impact commercial/industrial real estate agents? It is true most real estate agents whether residential or commercial/industrial will never have the need to know about life estates. However, for those rare instances real estate law requires all real estate agents must have an understanding of how life estates are created and the impact on real property interests both now and in future. Life estate is a freehold estate that is limited to lifetime of owner, called life tenant, and upon their death the property passes to future owners or reverts to previous owner according to provisions of...
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