How is a "leasehold estate" different from a "freehold estate"?

A leasehold estate is indeed characterized by its defined duration, which distinguishes it from a freehold estate where ownership is typically indefinite and can often last for the lifetime of the owner or even be passed on to heirs. In a leasehold estate, the tenant or lessee occupies the property for a specified period as outlined in a lease agreement, which could range from a few months to many years. Once the lease term expires, the rights to occupy the property revert back to the landlord or lessor.

This contrasts with a freehold estate, where the owner has full ownership rights over the property without time limitation. The perpetual nature of ownership in a freehold estate allows the owner to use, sell, or transfer the property at any time and for as long as they wish, unless the estate is specifically limited to a certain duration by conditions set forth in the deed.

The other options do not accurately capture the fundamental differences between these two types of estates. For instance, the notion of ownership rights is inverted in the second choice. Furthermore, while property management may be more pertinent in leasehold arrangements due to the nature of tenant-landlord relationships, it is not a defining characteristic as implied by the third choice. Lastly, both leasehold and freehold