What is a characteristic feature of a leasehold estate?

A leasehold estate is fundamentally defined by a predetermined duration, which is indeed a central characteristic. This type of estate is established through a lease agreement between a landlord and a tenant, explicitly stating the length of time the tenant may occupy the property. This predetermined termination date provides clarity and legal structure to the tenancy, ensuring that both parties understand the temporal limits of the tenant's rights.

The option suggesting that a leasehold estate is automatically renewable is inaccurate because lease agreements typically require either a specific renewal clause or a mutual agreement for renewal; they do not renew automatically unless stipulated. Additionally, leasehold estates do not inherently require the landlord's constant supervision. Landlords may grant tenants the right to enjoy the property without interference, except in situations outlined in the lease. Lastly, leasehold estates are often transferable, with tenants able to assign or sublet their rights unless there are clauses preventing such actions in the lease agreement.

Therefore, the essence of a leasehold estate being tied to a predetermined termination date differentiates it from other types of property interests, emphasizing the importance of time-limited occupancy in real estate transactions.