Property Ownership
In Arizona, a 'reversion' is the future interest that returns to the:
AState government when the property is condemned
BOriginal grantor (or their heirs) when a limited estate terminates✓ Correct
CRemainderman when a life estate ends
DLender when a mortgage is paid off
Explanation
A reversion is the future interest retained by the grantor when they convey a less-than-fee estate (like a life estate or fee simple determinable). When the limited estate terminates, the property reverts to the original grantor (or their heirs).
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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