Which type of estate typically has a defined duration?

A leasehold estate is characterized by a defined duration, which differentiates it from other types of estates. In a leasehold estate, a tenant is granted the right to occupy and use a property for a specified period, outlined in a lease agreement. This duration can be measured in years, months, or even days, depending on the terms of the lease. Once this period expires, the rights of the tenant to occupy the property cease, and ownership reverts back to the landlord or property owner.

In contrast, a freehold estate, such as a fee simple estate or life estate, is typically of indefinite duration, signifying ownership that lasts for an undetermined amount of time, often spanning generations. Joint tenancy and tenancy in common relate to the ownership structure between multiple individuals but do not inherently include a specified duration of possession; they continue until the owners decide to sell or otherwise transfer their interests. Thus, the defining characteristic of a leasehold estate having a specific duration makes it the correct choice in this context.