McKissock Basic Appraisal Principles Practice Test

The key idea here is how long the ownership lasts and how it can change. A life estate is an ownership interest that lasts only for the lifetime of a specific person (the measuring life). When that person dies, the property doesn’t stay with the life tenant; it either reverts to the grantor or passes to a named person called a remainderman. A fee simple, on the other hand, is unlimited in duration and represents the fullest form of ownership—the owner can use, lease, sell, or bequeath the property without an automatic end tied to a life. That’s why this answer is best: it correctly states that a life estate ends at the life of the specified person and may revert or pass to someone else, whereas a fee simple has no such time limit. The other statements are inaccurate because a life estate is not inherently longer than fee simple, it isn’t necessarily encumbered by default, and it can be sold by the life tenant with the buyer gaining rights only for the remainder of the life, not an absolute prohibition on selling.