Respuesta :
School currently has the interest of Remainder.
Who is a Remainder (Property Law ) ?
A future property interest that one person holds in the real estate of another and that becomes effective when the other property interests that were also created at the same time as the future interest expire.
A person who possesses real estate is permitted by real property law to assign all or a portion of her ownership rights to another person or individuals. When the person who owns the property, the grantor, transfers both a future interest (also known as a nonpossessory interest) in the property to another person and a present interest (the right to the possession and use of the property) to one person for life or a predetermined period of time, legal conveyances of property become more complicated. The future interest is known as a remainder, and the person who owns it is known as the remainderman.
Contingent remainders and vested remainders are the two primary divisions of remainders. There are two techniques to produce a dependent residual. First, it can be a remainder given to someone whose identity is unknown at the time the interest is created. For instance, Tom has ownership rights to Blackacre in fee simple, which implies he has complete ownership of the property. Tom transfers Blackacre to Bob for life with the remainder going to Jane's heirs while Bob and Jane are still living. They have a contingent remainder because Jane's heirs have not yet been identified.
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The complete question is given below :
Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice has made arrangements that the property will go to the School for the Gifted. What interest does the School for the Gifted currently have?
Ownership
Possession
Remainder
Reversionary
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