Property Ownership
What is a 'reversionary interest' in Rhode Island real estate?
AA future right of the grantor to recover property after a prior estate ends✓ Correct
BThe right of a lender to take back a property after default
CA tenant's right to purchase the property at lease end
DA government's right to reclaim land from adverse possessors
Explanation
A reversionary interest is the grantor's retained future interest in property that will return to the grantor (or grantor's heirs) after a prior estate ends—for example, when a life tenant dies, the property reverts to the grantor if no remainderman was named.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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