Anna Nicole possesses a penthouse apartment on the top floor of Ivory Tower. She has the right to live in and use the apartment for life, then it passes to her deceased husband's heirs. The ownership interest is

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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State which one is right with explanation and why other answers are wrong

Anna Nicole possesses a penthouse apartment on the top floor of Ivory Tower.
She has the right to live in and use the apartment for life, then it passes to her
deceased husband's heirs. The ownership interest is
a fee simple absolute
a leasehold estate.
an easement.
a life estate.
Transcribed Image Text:Anna Nicole possesses a penthouse apartment on the top floor of Ivory Tower. She has the right to live in and use the apartment for life, then it passes to her deceased husband's heirs. The ownership interest is a fee simple absolute a leasehold estate. an easement. a life estate.
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