Washington Real Estate Fundamentals Rockwell Practice Exam

Fee simple estate is the highest form of property ownership. It lasts indefinitely and can be bought, sold, mortgaged, or passed on by will or inheritance, without being tied to anyone’s life or to a condition that could end the ownership. In other words, it represents the most complete, unrestricted interest you can have in real property.

A life estate lasts only for the duration of a specified life, and ends when that life ends, so it’s not the most complete form. A defeasible estate can be defeated or cut short if a condition is violated, so its duration isn’t guaranteed. A leasehold is a tenant’s right to occupy property for a set term, not ownership at all.