The tenant's interest in property is characterized as what type of ownership?

The tenant's interest in property is characterized as a leasehold ownership. A leasehold interest arises when a tenant obtains the right to occupy and use a property for a specified duration under the terms of a lease agreement with the landlord. This type of ownership does not confer title to the property or any permanent interest; instead, it grants the tenant a temporary right to possess and utilize the property according to the lease terms.

In a leasehold arrangement, the tenant has certain rights and obligations defined by the lease, but ultimately, the landlord retains ownership of the property. This is distinct from fee simple ownership, where a person holds full title to the property without time constraints. Life estates involve ownership that lasts for the lifetime of an individual and does not apply to tenants who lease space. Joint tenancy refers to a form of co-ownership where two or more people hold title to the property equally with rights of survivorship, which is not applicable to the tenant's situational interest in a leased property. Thus, leasehold is the correct characterization of a tenant's interest in property.