A property is conveyed to an individual until that individual's death, when the property will be conveyed to another party. What type of estate is this?
In the pre-licensing curriculum’s “Interests in Real Estate” module, a life estate is defined as a freehold estate measured by the life of a specified individual (often the grantee). The life tenant holds present possessory rights until death, at which point the estate terminates automatically and either reverts to the original grantor (reversion) or passes to a named third party (remainder).
A fee simple estate (absolute) is of potentially infinite duration and does not end at a person’s death by its terms.
A homestead estate is a statutory protection for a primary residence, not a conveyance measured by life.
A leasehold estate is a non-freehold estate with a definite term held by a tenant, not measured by a life.
References (Course Outline/Study Topics):
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course — “Interests in Real Estate” (Life Estates: life tenant rights, reversion, remainder; freehold vs. non-freehold estates).
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