What is the name of the third party that will receive a life interest in a property upon the death of a measuring tenant?

The correct answer is the term "remainderman." In property law, when a measuring tenant (the individual holding the life estate) passes away, the interest in the property does not revert back to the original grantor or owner of the property. Instead, it goes to the third party designated as the remainderman. The remainderman holds a future interest in the property, which means they will receive full ownership of the property upon the death of the life tenant.

In this case, the role of the remainderman is crucial in establishing an estate plan that provides clarity on who inherits property after the life tenant's rights end. Understanding these concepts is essential as they often arise in estate planning, wills, and trusts within real estate transactions.

The other terms refer to different types of property interests: a fee simple tenant has outright ownership of the property, the life tenant holds interest in the property during their lifetime but no rights once they pass away, and reversion implies that the property would revert to the original owner or their heirs upon the death of the life tenant if no remainderman is designated. Therefore, r distinct role of the remainderman is critical in this context.