What right does the owner of a life estate possess?

The owner of a life estate possesses the right to use and enjoy the property during their lifetime. This type of estate is specifically structured so that the individual's rights to the property are linked to their life; they can occupy and derive benefits from the property as long as they are alive.

Importantly, the life tenant does not have the inherent right to sell the property outright or to pass it on to heirs since the ownership rights are limited to their lifetime. Upon their death, the property typically reverts back to the original owner or passes to a designated party, known as the remainderman. Additionally, while a life tenant may have some rights to charge rent, this is often dependent on the terms of the life estate and may not be universal.

Thus, option B accurately captures the essence of a life estate, emphasizing the enjoyment and use of the property as the fundamental right bestowed to the life tenant.