Which estate is created by the owner and lasts for the duration of an individual's lifetime?

Study for the Arizona Salesperson Test with flashcards and multiple-choice questions. Each question is paired with helpful hints and detailed explanations. Get ready to ace your exam!

A conventional life estate is a type of property interest that is established by the owner (the grantor) and lasts for the duration of a specific individual's life (the life tenant). This means that the rights to use and enjoy the property are granted to the individual for as long as they are alive. Upon the death of that individual, the property ownership reverts back to the grantor or passes to a designated remainderman, as specified in the life estate agreement.

This contrasts with other types of estates. For example, a legal life estate may be established by law rather than by direct grant from an owner. Meanwhile, fee simple absolute is a form of property ownership that is permanent and unrestricted, allowing the owner to hold the property indefinitely. Fee simple defeasible, on the other hand, is also a permanent ownership, but it comes with conditions that, if violated, could lead to the loss of the property. Thus, the distinctive aspect of a conventional life estate is that it is temporary, lasting only for an individual's lifetime, making it the correct choice in this context.

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