Which of the following describes a life estate in real estate?

A life estate in real estate is a specific type of property ownership that is characterized by being tied to the lifetime of a particular individual, known as the life tenant. When someone holds a life estate, they have the right to use and manage the property for as long as they are alive. Upon the death of the life tenant, the ownership of the property typically passes to another party, known as the remainderman, as specified in the terms of the life estate.

This arrangement is important because it provides the life tenant with the ability to enjoy the property and derive benefits from it while they are living, but it also establishes a clear endpoint for the estate, ensuring that ownership transfers to the designated individual or entity after the life tenant's passing. This distinction is what separates a life estate from other forms of property ownership, which may not have such temporal limitations.

The other options do not accurately describe a life estate: an estate that is owned indefinitely refers to a fee simple estate; no restrictions would imply full ownership rights that are not typical of a life estate; and the ability to sell freely does not apply, as the life tenant usually cannot sell the property without the consent of the remainderman and the life estate terminates upon their