California Real Estate Exam 2025 - Collection 5 - Question 146

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California Real Estate Exam 2025
Collection 5
Question 146: A less-than-freehold estates refers to one owned by a:
A. Lessees.
B. Holder of a life estate.
C. Holder of a fee simple estate.
D. Trust deed beneficiaries.
Correct answer is A. Lessees.
A life estate is a freehold estate, meaning it represents ownership, although it's limited to the duration of someone's life. A fee simple estate is the highest form of ownership in real property, representing absolute ownership with unlimited duration. This is also a freehold estate. A beneficiary in a trust deed holds a security interest (a lien) in the property, not a possessory interest. The borrower (trustor) holds the possessory interest. A less-than-freehold estate is a possessory interest in real property that is limited in duration. It's also known as a leasehold estate. This is the type of estate held by a lessee (tenant) who has the right to possess and use the property for a specific period under a lease agreement. The key distinction is that less-than-freehold estates (leaseholds) grant possession but not ownership, while freehold estates (like fee simple and life estates) represent ownership.

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