A remainderman is the person who receives ownership of property when a life estate:
Correct Answer
B) Terminates upon the life tenant's death
A remainderman is the person designated to receive full ownership of property upon the termination of a life estate. When the life tenant dies, the remainderman automatically receives title to the property. Unlike a fee simple estate, a life estate is limited in duration and always has a designated remainderman or reverts to the original grantor.
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Related Topics & Key Terms
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Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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