Define "leasehold estate" in the context of real estate.

A leasehold estate refers to a tenant's interest in a property as defined by the terms of a lease agreement. In this context, it is an interest in land that is held by lease, granting the tenant specific occupancy rights for a designated period. This type of estate does not provide ownership of the property; instead, it allows the tenant to possess and use the property according to the stipulated terms in the lease. These rights can include living in the property, using it for commercial purposes, or any other activities permitted by the lease agreement.

In contrast, the other options do not accurately describe a leasehold estate. Ownership implies a freehold estate, which grants full ownership rights. An easement is a limited right to use another person's land for a specific purpose, but it does not grant possession of the land. Lastly, granting land indefinitely suggests a freehold estate, indicating full ownership without the time limitations typical of a leasehold arrangement. Therefore, defining a leasehold estate as an interest in land held by lease with specified occupancy rights accurately captures its essence in the real estate context.