Ace the Arizona Real Estate Exam 2026 – Unlock Your Property Dreams!

The term that refers to the third party who will receive a life interest in a property upon the death of a measuring tenant is known as a remainderman. This person holds an ownership interest that becomes effective following the termination of a life estate.

In the context of property ownership, a measuring tenant holds the life estate, which grants them the right to use and control the property during their lifetime. However, when the measuring tenant passes away, the remainderman is the individual designated to inherit the property and hold it in fee simple. This arrangement ensures that ownership is clearly defined between the life tenant and the remainderman, allowing for a smooth transition of property rights upon the life tenant’s death.

Understanding this concept is crucial as it highlights the distinctions between different types of property interests and the implications of life estates in real estate transactions. The other terms mentioned primarily relate to different types of interests or estates that do not apply directly to the role of someone receiving property after the life tenant's death. For example, the fee simple tenant refers to full ownership without conditions, while reversion describes a situation where the property returns to the original grantor after the life estate ends.