Asked by Angelica Golebiewski on Jun 03, 2024
Verified
An interest that arises in a third party in the future is called a(n) :
A) reversion.
B) remainder.
C) assignment.
D) fee simple absolute.
Remainder
The part of an estate that is left after all other bequests and debts have been satisfied.
Future Interest
A legal right to property or an estate that becomes possessible or enjoyable at a future date.
Third Party
An entity not directly involved in a contract or agreement but who may be affected by its outcomes or can affect its execution.
- Determine the diverse types of future interests and comprehend how they are identified and influenced by specific conditions.
Verified Answer
ZK
Zybrea KnightJun 04, 2024
Final Answer :
B
Explanation :
A remainder is an interest in property that becomes possessory when a preceding estate created by the same instrument terminates. This interest is often given to a third party and does not take effect until the end of a life estate or some other particular estate.
Learning Objectives
- Determine the diverse types of future interests and comprehend how they are identified and influenced by specific conditions.