Define "leasehold estate."

A leasehold estate refers to a temporary right to hold and use a property, which is precisely what option B states. In this context, the tenant (or lessee) possesses the right to occupy and use the property for a specified period under the terms of a lease agreement. This arrangement is fundamentally different from ownership interests, as leasehold estates do not confer ownership of the property itself; rather, they represent a contractual agreement where the property owner (lessor) allows the lessee to use the property for a limited duration.

The leasehold interest can vary in terms of duration, which can be short-term (like a month-to-month rental) or long-term (for a year or more), but it always indicates that the use of the property is not meant to be permanent. Understanding leasehold estates is essential for real estate practices, as they affect rights and responsibilities during the leasing period.