What is an estate owned by the tenant that has a definite termination date called?

The correct answer is an estate for years, which refers to a type of leasehold estate that has a specified start date and a predetermined end date defined in the lease contract. This arrangement provides clarity and certainty for both the landlord and the tenant, as it outlines exactly how long the tenant has the right to occupy the property.

In this context, the term "estate for years" suggests that regardless of the duration—whether it’s for a few months or several years—the key factor is that the lease has a clear termination date. This differentiates it from agreements lacking a set end date, where the tenancy would continue indefinitely until terminated by one of the parties involved.

Understanding this concept is essential for property management, as it establishes the framework for rights and responsibilities during the tenancy period. This structure protects both parties by ensuring there are no misunderstandings regarding the length of occupancy and the associated terms of use for the property.