Which of the following best defines a "leasehold" in real estate?

A leasehold represents an interest in real estate for a specific and defined period of time. This arrangement is established through a lease agreement, where the tenant, or lessee, is granted the right to occupy and utilize the property owned by another party, the lessor, for a predetermined time frame. Unlike ownership, which typically grants irrevocable and long-term rights, a leasehold is temporary and bound by the terms outlined in the lease, including duration, payment obligations, and conditions for property use.

In contrast to ownership of property, a concept identified in another choice, a leasehold does not convey ownership rights but rather the right to use the property for the duration of the lease. The option referring to personal property emphasizes possession rather than real property interests, and improvement made to a property addresses modifications rather than ownership or leasing arrangements. Therefore, the concept of a leasehold is clearly articulated as being an interest in real estate with defined limits in terms of time and usage.