Fee Simple Absolute - The highest and fullest type of ownership in real property.
Fee - It is a potentially infinite duration.
Simple - It has no limits on who may inherit it.
Absolute - It will not terminate with the happening of an event.
Defeasible (Qualified) Fee - An interest that is less than fee simple because it has a condition placed on the deed which terminates or overules the Fee.
Life Estate - The interest is tied to either the life of the person who has the interest or someone else's life.
Two things may happen when there is a death in the interest of a Life Estate:
Reversionary Interest - The Ownership reverts back to the grantor when the life interest is terminated by death.
Remainder Interest - Ownership goes to a designated 3rd person upon death or termination of the life estate.
Source: http://www.zillow.com/advice-thread/Estates-in-Land-Ownership-Definitions/465114/
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