What type of ownership grants unlimited rights to use the property during their lifetime?

The correct choice, which is a Life Estate, is a type of property ownership that allows an individual to use and occupy the property for the duration of their lifetime. This means that the individual has the right to enjoy the property and make decisions about its use as long as they are alive. Upon their death, the estate automatically passes to another predetermined party, often referred to as the remainderman.

This arrangement ensures that while the life tenant has significant rights, those rights are limited to their lifespan, after which full ownership reverts to the remainderman or another designated party. Unlike Fee Simple Absolute, which conveys complete ownership without restrictions and lasts indefinitely, a Life Estate is specifically tied to the life of the beneficiary, encapsulating both significant rights and distinct limitations in terms of longevity of ownership.

Understanding this distinction is crucial, as it highlights the unique characteristics of a Life Estate compared to other forms of ownership that may not allow for the same exclusive rights during a person's lifetime.