Final answer:
The local elementary school in the scenario is referred to as the remainderman, with a reversionary interest in the land upon Teddy Jr.'s death.
Step-by-step explanation:
The subject matter of this question falls under the category of Social Studies at the High School level. The terms mentioned in the question are related to property law and inheritance.
Based on the information provided, the local elementary school that will receive the title to the 20 acres of land upon the death of the life tenant, Teddy Jr., is called the remainderman. The term 'remainderman' refers to a person or entity that has a future interest in a piece of property after the termination of a prior interest.
In this scenario, Teddy Jr. is the life tenant, and the local elementary school has a reversionary interest, which is the future interest in the land. The remainder of interest represents the right to possess the property after the termination of the life estate upon Teddy Jr.'s death.