A type of estate owned for a specific duration is known as?

The correct answer identifies a type of estate that is specifically held for a duration related to the life of an individual. A life estate is a legal term describing an interest in real property that is limited to the duration of a person's life. This means that the property can be used and enjoyed by the life tenant for as long as they are alive. However, once the life tenant passes away, the interest in the property will terminate, and the estate will pass to another party, often referred to as the remainder beneficiary. This arrangement allows for certain rights of use and benefits during the life tenant's lifetime, but also ensures that the property will revert to another owner upon their death, thereby distinguishing it from other types of estates that could be perpetual or indefinite.

The other options referenced do not relate to an estate created for a specific duration based on a person's life. Fee simple absolute represents the most complete interest one can have in real property, without any time limitation. Tenancy at will refers to an arrangement allowing a tenant to occupy property without a specified term, but it can be terminated by either party at any time. An easement by prescription involves a right to use someone else's property, acquired through continuous and open use over a certain period, rather than describing