Which type of estate implies indefinite ownership without a fixed duration?

Study for the ASU REA380 Real Estate Fundamentals Exam. Use flashcards, multiple choice questions, and get hints and explanations for each question. Prepare thoroughly for your exam!

A freehold estate refers to an ownership interest in real property that is not limited by a predetermined duration, which means it is indefinite. This type of estate allows the owner to hold the property for as long as they choose, potentially lasting for the remainder of their life or even beyond, through inheritance. Because of this indefinite nature, freehold estates are seen as the most substantial type of property ownership.

In contrast, leasehold estates have a set lease term and thus are temporary, while terms like "total estate" and "temporary estate" do not correspond to recognized legal definitions in property law. Therefore, it's critical to understand that freehold estates are characterized by their permanence and lack of expiration, distinguishing them significantly from other types of property interests.

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