What type of estate can be conveyed to a third party?

A life estate can indeed be conveyed to a third party. A life estate is an interest in real property that is limited in duration to the lifetime of a specified individual, known as the life tenant. Upon the death of the life tenant, the property reverts to the original grantor or passes to a designated remainderman.

The key aspect of a life estate is that the life tenant has the right to use and enjoy the property during their lifetime, and they can also sell, lease, or mortgage the life estate. However, any transfer of the life estate does not affect the reversionary interest, as the new third party would only hold the interest for the duration of the life tenant's life. This means that the third party can enjoy the rights associated with the life estate but must vacate the property when the life tenant passes away.

Other options listed, such as a defeasible fee simple, equitable estoppel, and a quitclaim deed, either do not represent a type of estate that one owns or involve interests that do not last a lifetime. Understanding the nature of these interests and how they can be transferred is essential in real property law, particularly for those studying to become surveyors or professionals in related fields.