What defines a "leasehold estate"?

A leasehold estate is fundamentally characterized as an interest in land that is held by a tenant under a lease agreement. In this type of estate, the tenant (or lessee) possesses the right to use and occupy the property for a specified period in exchange for rent or other considerations. This arrangement creates a legal relationship between the landlord (lessor) and the tenant, where the landlord retains ownership of the property while granting the tenant a temporary right to use it.

The distinction of a leasehold estate lies in the tenant's right to possess and use the property, which is typically outlined in the lease agreement. Unlike ownership of the property, which is referred to as a fee simple or freehold estate, a leasehold does not confer full ownership rights. Instead, it provides the tenant with specific rights and responsibilities while the landlord maintains ultimate ownership.

The other options do not accurately capture the definition of a leasehold estate. While ownership types and lease contracts are relevant topics in property law, they do not describe the specific nature of a leasehold estate. For instance, a leasehold estate is not a type of ownership (as in option B), nor is it merely a future contract for leasing property (option C) or a document about property taxes (