Final answer:
Fee simple refers to absolute ownership without duration limit, life estate is ownership for the duration of a person's life, and reversionary interest is the right to regain ownership after a life estate ends.
Step-by-step explanation:
The terms 'reversionary interest,' 'fee simple,' and 'life estate' are all related to property law, specifically concerning the duration and transfer of ownership interests in real estate.
Fee simple is a type of freehold estate where the owner has absolute ownership of the property, including the land and any structures on it, which can be transferred with no restrictions to heirs or through a sale. This is the most complete form of ownership in land and the owner's rights last indefinitely unless they transfer the title to someone else.
A life estate is an interest in real property that lasts for the lifetime of a particular individual, the life tenant. During the life tenancy, the life tenant has the right to use the property and is responsible for its maintenance but cannot commit waste that would impact future interest holders. Upon the death of the life tenant, the property interest passes to another designated party, called the remainderman, or reverts back to the original owner or the original owner’s heirs, which is known as a reversionary interest.
Therefore, when sorting the terms:
- Fee simple is relevant to the most complete and indefinite type of property ownership.
- Life estate pertains to an ownership interest limited to someone's lifetime.
- Reversionary interest is associated with what happens to the property once a life estate ends.