Property Ownership
In South Carolina, a 'leasehold estate' is:
AOwnership of real property in fee simple
BA tenant's right to possess and use property for a defined period under a lease✓ Correct
CA permanent easement over another's land
DA life estate held by a surviving spouse
Explanation
A leasehold estate is a possessory interest in real property granted by a landlord to a tenant through a lease. The tenant has the right to use and occupy the property for the lease term, while the landlord retains the fee interest.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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