If Janice's property goes to the School for the Gifted after Jacob's death, what interest do they currently hold?

In this scenario, when Janice's property is designated to go to the School for the Gifted after Jacob's death, the School for the Gifted holds a remainder interest in the property. This legal concept refers to a future interest that is set to be conveyed after the termination of a prior interest.

In this case, assuming Jacob holds a life estate in the property, the School for the Gifted will receive the property once Jacob passes away, thus becoming the next in line to take ownership. This means they hold a remainder interest, as their interest is dependent on the termination of Jacob's life estate.

The other options, such as tenancy, life estate, and possession, do not accurately describe the School's interest. Tenancy typically refers to the current occupancy or rental situation, while a life estate is the interest held by Jacob, granting him use of the property during his lifetime. Possession generally indicates the ability to occupy or control the property at present. Hence, the correct designation of the School for the Gifted's interest as a remainder is essential to understanding the dynamics of property rights in this context.