California DRE Salesperson Practice Exam

When an individual is granted real property for their lifetime, this type of ownership is known as a life estate. A life estate provides the holder with full rights to the property during their lifetime, but once they pass away, the property typically reverts to the original grantor or passes to a designated remainder beneficiary. This means the life tenant cannot sell the property or will it to heirs because they do not have full ownership rights beyond their lifetime.

A life estate is distinct from other types of estates, such as a fee simple estate, which allows for complete ownership and the ability to transfer the property. In addition, a less-than-freehold estate generally refers to a leasehold interest in property, which is not applicable here. Joint tenancy relates to ownership with rights of survivorship between two or more individuals, which again is different from the concept of a life estate where ownership is limited to a single individual's lifetime. Therefore, the correct answer identifies the specific type of estate associated with lifetime ownership.