What is typically a characteristic of a Nonfreehold Interest?

A Nonfreehold Interest is characterized primarily by the right of possession rather than ownership of the land itself. In real estate, a Nonfreehold Interest generally refers to a leasehold estate, where the tenant has the right to occupy and use the property for a specific duration as stipulated in a lease agreement. This interest does not grant ownership of the land; instead, it allows for possession and use as outlined in the terms of the lease.

While ownership of land is associated with freehold interests, Nonfreehold Interests focus on the rights granted to the tenant, specifically possession. The emphasis on possession means that the tenant can utilize the property but does not have the same permanence or transferability that comes with ownership rights—hence the distinction from concepts like permanent occupation or transferable rights, which are more aligned with full ownership or freehold interests. This is why the answer related to the right of possession accurately reflects the essence of Nonfreehold Interests in real estate law.