Estates in Land — Rights of Ownership Duration
An estate defines the extent of a person's interest in real property.
Freehold estates (ownership interests):
Fee Simple Absolute — greatest possible ownership; unlimited duration; freely transferable; no conditions
Fee Simple Defeasible — ownership that can be lost if a condition is violated (e.g., "to John, so long as used as a school")
Life Estate — ownership for the duration of a specified person's life. When that person dies, property passes to the remainderman.
Life estate parties:
Life tenant — has the right to use and enjoy the property during the measuring life
Remainderman — receives the property when the life estate ends
Reversionary interest — if no remainderman named, property reverts to grantor or heirs
Non-freehold estates (leasehold):
Estate for years, periodic tenancy, tenancy at will, tenancy at sufferance
Exam tip: Fee simple absolute is what most homeowners have. Life estates appear frequently on exam questions about elder law and estate planning scenarios.
Reference:
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