Which type of estate has a known duration and does not confer ownership interest?

The correct choice describes a leasehold estate, which is a type of real estate interest that allows an individual to occupy and use the property for a specified period of time, as determined by a lease agreement. In a leasehold estate, the tenant (lessee) does not own the property; instead, they have the right to possess and use it for the duration of the lease, which can range from a few months to several years. This arrangement is distinct in that it establishes a landlord-tenant relationship, where the landlord retains ownership and the tenant is granted temporary rights.

The leasehold estate is characterized by its known duration, as the lease specifies the length of time the agreement is in effect. Additionally, once the lease term expires, the tenant's rights to the property are terminated, returning control to the landlord.

This contrasts with other types of estates such as freehold estates, which provide ownership interest in the property, or life estates, where interest is tied to the life of an individual. Equitable estates involve rights recognized by courts that do not equate to legal ownership but still indicate some interest in the property. Each of these alternatives confers some form of ownership or interest, highlighting the uniqueness of the leasehold estate as it solely pertains