Amy transfers a piece of realty,"to Bill for his life,and then to John." What type of ownership interest has Amy created?

Question

Quizplus · Accepted Answer

Amy has created a life estate for Bill, which gives him the right to use and occupy the property for the duration of his life. After Bill's death, the ownership interest will pass to John, which is called a remainder interest. Amy does not retain any reversionary interest in this ownership arrangement.

Amy Transfers a Piece of Realty,"to Bill for His Life,and