What type of estate is a tenancy for years considered?

A tenancy for years is classified as a nonfreehold estate because it is a leasehold interest created for a specific duration. In this type of estate, the tenant has the right to occupy and use the property for a set period, which can range from days to years. The defining characteristic of a nonfreehold estate is that it does not provide ownership of the property but rather a temporary right to use it, with the terms set forth in a lease agreement.

In contrast, a freehold estate involves an ownership interest in real property that is indefinite in duration, such as fee simple or life estates. The terms real estate and life estate describe broader categories that encompass different forms of property rights but do not specifically address the temporal aspects of a tenancy for years. The key distinction lies in the nature of the rights granted, with nonfreehold estates like tenancies representing limited, temporary interests as opposed to full ownership rights found in freehold estates.