A leasehold is characterized as what type of interest?

A leasehold is characterized as a possessory interest for a fixed length of time because it grants the tenant the right to occupy and use the property for a specified period under the terms of a lease agreement. This means that while the lessee has the right to possess and use the property, they do not own the property itself; the ownership remains with the lessor, or landlord. The fixed duration of this interest distinguishes it from permanent ownership interests, as leaseholds are inherently temporary and finite. Once the lease term ends, the possessory rights revert back to the landlord, emphasizing the transient nature of a leasehold interest.