If One Has the Right to Occupy a Piece of Property

question 224

Multiple Choice

If one has the right to occupy a piece of property until their death, at which point title to the property passes to heirs who have been named by the owner of the property, there is a:

• A) life estate
• B) joint tenancy
• C) tenancy in common
• D) residual interest
• E) none of the other choices

---

Definitions:

Retirement Savings Plan (RSP)

A financial arrangement designed to help individuals save for their retirement.

Investments

Financial assets purchased with the expectation that they will generate income and/or appreciate in the future.

Compounded Annually

Calculating interest on the initial principal, which includes any accumulated interest from previous periods, once per year.

Contributions

Money that is given or paid into a fund or a plan, often used in contexts of pensions, insurance, and investments.