What describes a person's current right to an interest in real property that does not result in possession until some future time?

The correct choice refers to a future interest, which is a legal term that describes a person's current right in real property that will take effect at a future date. Unlike a present interest, which grants immediate possession and use of the property, a future interest indicates a right that is contingent upon a certain event or condition happening in the future. For instance, if someone inherits a property but cannot occupy it until a certain period or condition is fulfilled, this presents a future interest.

Understanding this concept is pivotal in real estate and property law, especially when dealing with estates and interests. Future interests can take various forms, such as remainders or executory interests, depending on how they are structured legally.

In contrast, a present interest confers immediate rights and possession of the property, while a retained interest typically concerns ownership rights kept by a seller after a sale. A contingent interest involves rights dependent on future events, but it differs from future interest in that it often pertains to conditions that must be met for full ownership to be realized, rather than simply being a right that will take effect at a designated time.