What type of estate grants the right to possess and use the property but not to own it?

A nonfreehold estate is characterized by granting the right to possess and use a property without conferring ownership. This type of estate typically involves rental situations, where a tenant has the rights to inhabit a property for a specified period but does not have ownership rights to the property itself.

In the context of real estate, a nonfreehold estate is commonly exemplified by leases, where the tenant holds rights for a duration established by the lease agreement, which can be fixed or can continue until a tenant or landlord decides to terminate it. This arrangement contrasts with freehold estates, which do convey ownership.

While the other answer choices involve forms of property interest that may allow some degree of possession, they do not encapsulate the broader category like nonfreehold estates do. Therefore, recognizing that nonfreehold estates distinctly involve the right to use property without ownership helps clarify why this choice is the most appropriate in answering the question.