Ariz. Rev. Stat. § 33-203 – Right to possession of lands; estates in possession; estates in expectancy

Estates in lands, as respects the time of enjoyment, are divided into:

1. Estates in possession. An estate in possession is one in which the owner thereof has an immediate right to possession of the land.
2. Estates in expectancy. An estate in expectancy is one in which the right of the owner thereof to possession of the land is not immediate, but is postponed to a future time or period.