A deed transferred Greenacre 'to Paula for life, then to Leo and his heirs.' Paula took possession in 2026. What future interest does Leo hold while Paula is alive?
Correct Answer
C) A vested remainder interest
Leo holds a remainder because the deed gives him a future interest that becomes possessory naturally upon the end of Paula's life estate. The property does not return to the grantor first, so Leo's interest is not a reversion.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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