Property Ownership
In Tennessee, a 'remainder' interest in real property is:
AThe remaining balance on a mortgage
BA future interest that becomes possessory upon the termination of a prior estate✓ Correct
CThe equity remaining after all liens are paid
DThe portion of a parcel not included in a sale
Explanation
A remainder is a future interest in real property that becomes a present possessory interest upon the natural termination of a prior estate (such as a life estate). When the life tenant dies, the remainderman's interest becomes immediate and possessory.
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Key Terms to Know
Life Estate
A freehold interest in real property that lasts only for the duration of a specified person's life.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
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