A reversionary estate is characterized by what feature?

A reversionary estate is characterized by the feature where the grantor retains future rights after conveying a lesser estate. This means that when a property owner, or grantor, gives a lesser estate to another party, they do not permanently give away all their rights to the property. Instead, they retain the right to reclaim the property or the reversionary interest once the lesser estate terminates.

For example, if a property owner leases a property for a certain period, they grant the tenant a temporary right to use that property but maintain the future right to regain possession once the lease period ends. This retention of rights is what defines a reversionary estate, distinguishing it from other forms of property transfer where rights are fully relinquished or assigned to a different party.

In context, other options do not accurately describe the nature of a reversionary estate. Transferring future rights to a third party would suggest an assignment rather than a reversion. The idea that the estate automatically transfers to the government does not reflect the personal nature of reversionary interests. Lastly, stating that the estate lasts indefinitely contradicts the fundamental characteristic of a reversionary estate, which is conditional on the occurrence of a future event or the termination of the lesser