Which term refers to a property interest that ends upon the occurrence of a specified event?

The term that describes a property interest that terminates upon the occurrence of a specified event is "Fee Simple Defeasible." This type of estate is contingent upon a particular condition or event, meaning if that condition is violated or that event occurs, the property interest can end or revert back to the original grantor or their heirs.

For example, in a Fee Simple Defeasible arrangement, a property could be given with the stipulation that it is only to be used for educational purposes. If the property owner decides to use the property for a different purpose, the interest may terminate, allowing the original owner to reclaim the property.

In contrast, a Fee Simple Subject to Condition Subsequent also involves conditions, but it requires the grantor to take action to reclaim the property if the condition is violated, making it different from the automatic termination of a Fee Simple Defeasible. A Life Estate is an interest that lasts only for the life of a specified individual and does not relate to conditions for termination. Lastly, a Fee Simple Absolute represents the maximum possible estate in real property, offering complete ownership without conditions.