Emma owns a lakeside cabin and grants a life estate to her friend Frank, with the property reverting to Emma after Frank's death. Two years later, Frank sells his life estate interest to Grace. Which of the following is true regarding Grace's interest in the cabin?
Grace's interest will convert to a fee simple estate upon Emma's death.
Grace has the right to use and occupy the cabin for the remainder of the term established by Frank's interest.
Grace must return the cabin to Emma since she did not inherit the life estate directly.
Grace owns the cabin and can sell or bequeath it as she chooses.
Grace holds the same life estate that Frank had, granting her the right to use and occupy the cabin for the duration of the life estate. Grace does not own the property outright and her interest will terminate upon the end of the life estate.
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