Florida Broker Practice Exam

Which estate is specifically measured by a person's lifetime?

1. Remainder estate

2. Tenancy at will

3. Life estate

4. Fee simple estate

The correct answer is: Life estate

The correct answer is a life estate because it is defined as an interest in real property that lasts for the duration of an individual's life. This type of estate grants the holder, known as the life tenant, the right to use, occupy, and benefit from the property as long as they are alive. Upon the death of the life tenant, the interest in the property terminates and passes to another party, often referred to as the remainderman. In contrast, a remainder estate is an interest that becomes possessory when a life estate ends but is not measured by an individual's lifetime itself. Tenancy at will is a type of lease that is not tied to a specific duration and can be ended at any time by either party, lacking the permanence associated with a life estate. A fee simple estate represents the most complete ownership of real property, which is not limited to the lifetime of an individual, as it can be inherited and exists indefinitely. Therefore, life estate is uniquely identified by the lifespan of the person holding it.