Why Does Pre-license Student Need to Learn about Life Estates?

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Education & Training with 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?

Alan Kells

 

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 life estate.

I have been licensed since 1986 and only encountered three scenarios that involved a life estate. 

  • A widow's deceased husband set up life estate that allowed her to live  'rent-free' in home where he had raised three children after his first wife died.  Upon the death of his second wife the property would then pass to his children.  After a few years the widow decided to move south, but could not list the property for sale until the life estate was settled.  Her attorney hired an accuary to define value of 'life estate' based on her age & life expectancy.  After reaching an agreement with the heirs the widow received a monetary settlement and moved to Florida.

Why Does Pre-license Student Need to Learn about Life Estate?

A pre-license student and all real estate agents need to understand the legal ramifications of life estate and the impact on real property rights.

 

Join me in Fundamentals Pre-license class to learn more about life estates.

 Fundamentals Pre-license class will be held in Erie, PA March 8, 9 and 22, 23, 2014.

Alan Kells

 

Registration and other classes:  www.alankells.com    

Why Does Pre-license Student Need to Learn about Life Estate?

 

 

Posted by

 ***************

Mary Yonkers

 

      I thought about a Real Estate career for 11 years before I made the decision to get my Pennsylvania Real Estate license in mid-80's.  

      Thirty years later I can say affirmatively that Real Estate has been a fantastic career. 

      Come join me in class soon. Mary Yonkers, Real Estate Instructor

 

With so many homes for sale in Erie PA, this is the right time to begin your career as a Real Estate salesperson in Erie, PA.

 2018 Alan Kells

 

 

 

www.alankells.com

Mary Yonkers, Real Estate Instructor

 

 
 Mary Yonkers Howard Hanna Real Estate Services in Erie, PA

          Office:  814-835-1200 or Cell:  814-881-7548

Real Estate Classes Alan Kells Schools of Real Estate in Erie, PA  1-412-967-0240 

Real Estate Career in Erie, PA  1-814-835-1200

 

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Show All Comments
Rainmaker
6,029,933
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a good story to share. There is much to learn for those that wish to become real estate professionals. 

Mar 05, 2014 07:11 AM #1
Ambassador
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Excellent information Mary.  Your knowledge and wisdom shines.

Mar 05, 2014 07:36 AM #2
Rainmaker
1,231,318
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Thanks, Roy, I will do my best to prepare my students for their new career in real estate.

Mar 05, 2014 08:36 AM #3
Rainmaker
1,231,318
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Thanks, John. Just many years of experience to share with my students.

Mar 05, 2014 08:37 AM #4
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Mary, I worked a listing a couple of years ago where the owner passed away and because it was a life estate, no time was lost waiting for probate or wills to be executed.  It really did save months.

Mar 25, 2014 08:36 AM #5
Rainmaker
4,477,615
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mary, I have not heard of this, and have worked with several aging clients where their spouse has passed, or both, and the kids had to sell an estate.

Mar 28, 2014 01:16 AM #6
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Mary Yonkers

Erie/PA Real Estate Instructor
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