Suppose an older homeowner lives adjacent to an expanding university that is interested in acquiring her residence for future university use.To allow the homeowner to continue to retain all rights of exclusive possession,use,and enjoyment during her lifetime,yet provide the university with the right of disposition,the university may want to purchase a:

Question

Quizplus · Accepted Answer

A remainder estate allows the homeowner to retain a life estate, meaning she can live in and use the property for her lifetime, while the university holds the future interest, gaining full ownership upon her death.

Suppose an Older Homeowner Lives Adjacent to an Expanding University