Final answer:
Fee simple and life estate are two different types of property ownership, while defeasible relates to conditions or restrictions on property ownership.
Step-by-step explanation:
In legal terms, fee simple and life estate are two different types of property ownership. In fee simple, the owner has full and absolute ownership rights over the property, with no conditions or limitations. A fee simple estate is perpetual and can be inherited.
On the other hand, a life estate is a type of ownership that lasts for the duration of someone's life. The holder of a life estate, known as the life tenant, has the right to use and enjoy the property during their lifetime, but upon their death, the property goes to someone else, known as the remainderman.
Defeasible is a term that relates to conditions or restrictions on property ownership. It refers to a type of fee simple estate that can be terminated or revoked if certain conditions are met. Defeasible estates are often created through a deed or other legal instrument.