Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he will recapture ownership. The interest Lonnie has in the property is a
A) remainder interest
B) curtesy estate.
C) legal life estate.
D) reversionary interest
Answer: D) reversionary interest
Business
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In estimating the value of Rafael's single-family dwelling, Broker Jones, the appraiser, uses the same monthly gross rent multiplier that has been computed for comparable properties in the same neighborhood. The comparable properties each have a rent amount of $300 monthly and recent selling prices of approximately $45,000. The owner's property is currently renting for $320 per month. The broker therefore would estimate the value of the property to be:
A: $45,000; B: $48,000; C: $51,000; D: $54,000.
Business
Agency relationships are formed by:
A) Agents. B) Principals. C) Both of the above. D) None of the above.
Business