What type of interest in real estate is defined for a definite period of time?

A leasehold interest in real estate is defined as a right to use and occupy land or property for a specified period of time, as established by a lease agreement. This type of interest does not convey ownership of the property but rather grants the tenant the right to use the property in accordance with the terms laid out in the lease. This limited duration makes leasehold interests distinct from other types of real estate interests, such as fee simple, which entails ownership of the property without a predetermined time constraint.

In contrast, fee simple ownership represents complete ownership of the property indefinitely, while metes and bounds is a system used to describe the boundaries of a property rather than a type of interest. Concurrent ownership refers to situations where two or more individuals own the same property together, which also does not imply a time limitation. Thus, leasehold is uniquely characterized by its defined temporal aspect, making it the correct choice in this context.