Which of the following best describes a leasehold estate?

A leasehold estate is best described as renting a property for a specified duration. This term refers to the right to occupy a property under a lease agreement, which outlines the duration of the tenancy, typically in terms of months or years. The tenant does not own the property but has a temporary right to use it, in accordance with the terms set forth in the lease.

In this context, the focus is on the relationship between the landlord and tenant, where the tenant pays rent in exchange for the right to occupy the property for a designated period. Leasehold estate is distinct from other forms of property interest, such as freehold estates, where ownership rights are permanent and not time-limited.

The other options describe different legal concepts. Permanent ownership of the property pertains to a freehold estate, which involves ownership without a time limit. Ownership for the life of another relates to a life estate, where an individual's ownership is contingent on their lifetime. The transfer of ownership with conditions often refers to conditional estates or fee simple subject to a condition, which again differs from the defined and temporary nature of leasehold estates.