Final answer:
A Life estate represents property possessed for someone's lifetime. Fee simple absolute implies full ownership without limitations, while qualified fee and fee on condition have specific triggers for reversion of the property.
Step-by-step explanation:
To match the definition to the term, we consider the following options: 'Property that is possessed for someone's lifetime' aligns with a Life estate. This type of estate is where the right to use, enjoy, and control a property is granted to a person (called the life tenant) for the duration of their life. Upon the death of the life tenant, the property typically passes to a remainderman, who is the person or entity designated to receive the property upon the termination of the life estate.
A Fee simple absolute is the most complete ownership interest one can have in real property, with no limitations on its inheritance. A Qualified fee (also known as fee simple determinable) is an estate that will end automatically upon the happening of a specified event and revert to the grantor. Lastly, a Fee on condition (also known as fee simple subject to a condition subsequent) means that the property will revert to the original owner if a certain condition occurs. Fee simple, without any other qualifiers, generally refers to fee simple absolute.