Property Ownership
What is a leasehold estate in Nevada and how does it differ from a freehold estate?
AA leasehold estate is ownership with no time limit; a freehold is temporary
BA leasehold estate is a tenant's right to possess property for a limited time under a lease; a freehold estate is an ownership interest of indefinite duration✓ Correct
CBoth terms mean the same type of ownership in Nevada
DA leasehold estate includes the right to sell the property
Explanation
A leasehold estate gives the tenant (lessee) the right to possess and use property for a defined period under a lease agreement. A freehold estate (fee simple, life estate) involves ownership for an indefinite period. Leasehold interests can be bought and sold but are limited by the lease term.
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