Real Property
An estate in real property that lasts for an indefinite duration — either forever (fee simple) or for someone's lifetime (life estate).
A freehold estate is an ownership interest in real property of indefinite duration. The two main types are fee simple estates (which last forever and are inheritable) and life estates (which last for the duration of a specified person's life). Freehold estates are distinguished from leasehold estates, which have a defined termination date. A freehold estate holder has the right to possess, use, and transfer the property (subject to any limitations of the particular estate type).
Full definition locked
Unlock all 100+ glossary definitions, study modules, practice exams, and Carl — your AI tutor.
Start free →One-time $59 · No subscription
Study Guide
Real Property
Key concepts and exam tips →
Practice
NY Real Estate Real Property
Free sample questions →
Preparing for the NY Real Estate Exam?
Unlocked covers Freehold Estate and every other concept on the NY Real Estate Salesperson Exam — with study modules, practice questions, spaced-repetition flashcards, and Carl, your AI tutor.
click for a haiku!