Property Ownership
Which of the following BEST describes a leasehold estate?
AOwnership of land in perpetuity
BThe right to possess and use property for a specified period under a lease agreement✓ Correct
COwnership of air rights above land
DA future interest in property
Explanation
A leasehold estate is a possessory, non-ownership interest in property created by a lease agreement, giving the tenant the right to use and possess the property for the lease term.
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