Virginia Real Estate Pre-License Level 1 Practice Test 2025 – Complete Exam Prep

The term that describes ownership that can last indefinitely and includes rights of transfer and inheritance is a fee simple estate. A fee simple estate is the highest form of property ownership recognized by law, giving the owner the most complete rights to the property. This means the property can be freely transferred to another party, sold, or inherited without any restrictions related to ownership duration.

In contrast, a life estate is limited to the lifetime of the individual who holds the title, meaning it does not allow for indefinite ownership and typically reverts to another party (the remainderman) upon the holder's death. A leasehold estate is a temporary arrangement where a tenant rents property from a landlord for a specified period, lacking the rights associated with full ownership. Tenancy by the entireties is a form of joint ownership available only to married couples, which provides rights of survivorship but does not grant the full, indefinite ownership that characterizes a fee simple estate.