Vincent conveys his land to his friend "as long as it is used for non-commercial purposes." A few months later, Vincent finds out that his friend has been using the land as a parking garage for tourists and charging unreasonable rates. In this case, Vincent's friend would most likely be in violation of the ________. Group of answer choices reversion interest fee simple defeasible remainder interest future interest

If a landowner is worried about how his property will be used in the future, he or she can give or sell the property conditionally rather than outright.
A deed that reserves to the grantor a future ownership right upon the fulfillment of a condition gives rise to a reversionary interest.
When a deed stipulates that the transfer of the property is "on condition that" or "only for so long as" the property stated in the deed is used, or not used, for specific purposes, a reversionary interest is created.
When a reversionary interest is reserved in a deed, the original owner (as well as the owner's heirs, successors, and assigns) have the ability to reclaim their property in the event that commitments about future land use are broken.

A possessory estate, sometimes known as a present claim to property, stands in stark contrast to a prospective interest. A future interest may be unconditional or subject to the fulfillment of a predetermined condition or event.
A defensible estate is established when future interests are created. The prior estate will either be terminated by the future interest or by the natural end of the prior estate.

What is Remainder Interest?

A future stake in an asset is known as a residual interest.
In order for a remainderman to use and possess assets held in a trust, the trust must first be dissolved.
With the remainderman's approval, the life tenant may sell inherited property.

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