Property Ownership
A 'remainder interest' in real property belongs to:
AThe current owner who will remain on the property
BThe person who will receive ownership after a life estate ends✓ Correct
CHeirs who remain after some heirs die
DThe lender after foreclosure
Explanation
A remainderman holds a remainder interest — the right to own the property when a preceding estate (like a life estate) ends. The remainderman's interest is vested or contingent depending on the deed's terms.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
EasementA non-possessory right to use another person's land for a specific purpose.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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