Property Ownership
What is the difference between 'freehold' and 'non-freehold' (leasehold) estates in Nevada?
AFreehold estates are free; non-freehold estates cost money
BFreehold estates are ownership interests of uncertain or indefinite duration (fee simple, life estate); non-freehold (leasehold) estates are possessory interests for a fixed term — the tenant has the right to occupy but does not own✓ Correct
CNon-freehold estates are prohibited in Nevada
DFreehold estates are only in rural Nevada; leasehold estates are urban
Explanation
Freehold estates involve ownership — the holder has title and the estate can last forever (fee simple) or for a lifetime (life estate). Non-freehold estates are temporary possessory rights without ownership — leases (estate for years, periodic tenancy, tenancy at will, tenancy at sufferance). In Nevada, most residential tenants have non-freehold leasehold estates. Ground leases (where a tenant leases land and owns the improvements) are a form of long-term leasehold important in Nevada commercial real estate.
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