Virginia Real Estate Exam Practice Question
Janices life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice has arranged for the property to be given to the School for the Gifted. What interest does the School for the Gifted currently have?
Correct Answer: C
Rationale: The School for the Gifted holds a **remainder interest** in Janice's property. This means they will receive ownership after Jacob's life estate ends upon his death. A: Ownership is incorrect because the School does not currently own the property; Jacob does. B: Possession is also incorrect, as possession belongs to Jacob during his lifetime. D: Reversionary interest would imply that Janice retains some rights to the property after Jacob's death, which is not the case here. Thus, the School's interest is a remainder, waiting for the life estate to conclude.
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