Alycia deeds property to Bernice for life, and then to Cynthia if Cynthia is living when Bernice dies. While Bernice is alive, what does Cynthia hold?
Correct Answer
C) A contingent remainder
A future interest created in someone other than the grantor that is set to take effect when a prior life estate ends is a remainder. The remainder is vested when the taker is identified and nothing but the life tenant's death stands in the way, and contingent when it depends on an uncertain event. Cynthia must outlive Bernice to take anything, so her interest is a contingent remainder until that condition is resolved.
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Related Topics & Key Terms
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A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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