Final Answer:
The owner of a property with a condition subsequent has 4) A defeasible estate.
Step-by-step explanation:
A property with a condition subsequent is associated with a defeasible estate. In this context, a defeasible estate means that the property owner holds an interest that can be terminated if a specified condition occurs. Unlike a fee simple absolute (freehold interest), which is unconditional and lasts indefinitely, a defeasible estate is subject to certain conditions.
In the case of a condition subsequent, the property owner retains the estate unless a specified event or condition occurs. If the condition is violated, the ownership may be terminated or transferred. This differs from a remainder interest (option 1), estate for years (option 2), or less than a freehold interest (option 3).
Understanding the nature of defeasible estates is essential in property law, as it delineates the limitations and conditions under which property ownership can be altered or terminated.
In summary, the correct answer is 4) A defeasible estate. This type of estate grants ownership with the possibility of termination if a specified condition is not met, making it distinct from other forms of property interests.