Real Property
The degree, quantity, nature, and extent of a person's interest in real property.
An estate defines the nature and duration of an owner's rights in property. Freehold estates include fee simple (infinite duration) and life estates (measured by a person's life). Leasehold estates include estate for years, periodic tenancy, tenancy at will, and tenancy at sufferance. The hierarchy from most to least rights: fee simple absolute, fee simple defeasible, life estate, estate for years, periodic tenancy, tenancy at will, tenancy at sufferance.
Exam Tip
Know the difference between freehold (ownership) and leasehold (tenancy). A life estate is a freehold estate but not inheritable.
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Real Property
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NY Real Estate Real Property
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