Which term describes the legal right to possess property for a specified time under a lease?

The term that describes the legal right to possess property for a specified time under a lease is a leasehold estate. In a leasehold estate, the tenant (lessee) is granted the right to use and occupy the property owned by another party (lessor) for a defined period while adhering to the terms outlined in the lease agreement. This arrangement does not confer ownership of the property but provides exclusive rights to use it during the lease term.

A leasehold estate is vital in real estate as it establishes the legal framework governing the relationship between the landlord and tenant, determining aspects such as duration, rent payments, responsibilities for maintenance, and conditions under which the lease may be terminated.

Other terms such as fee simple refer to the highest form of ownership in real estate, where the owner has complete control over the property. An easement is a legal right allowing one party to use another's property for a specific purpose, but it does not give possession of the property itself. A licensing agreement allows a person to use another's property but typically does not confer the same legal protections or interests as a leasehold estate. Ultimately, a leasehold estate is the most accurate term to describe the specific right to occupy property under a lease.