Direct answer
What does leasehold mean?
A leasehold is a tenant's right to possess real property for the term and under the conditions of a lease.
Exam cue: A leasehold is a possessory interest, but it is not the landlord's ownership estate.
What does it look like in a question?
Example
A tenant holds a one-year leasehold in an apartment.
Common exam trap
What should you not confuse it with?
Leasehold and freehold describe different kinds of estates.
Related contracts and leases terms
AssignmentAn assignment is a transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.ConsiderationConsideration is something of legal value exchanged as part of a contract.ContingencyA contingency is a contract condition that must be satisfied or waived for a stated obligation to become final or continue.CounterofferA counteroffer is a response that rejects an offer and proposes different terms.Executed contractAn executed contract is a contract in which the parties have completed the promised performance.Executory contractAn executory contract is a contract under which one or more material obligations remain to be performed.
Sources used2 references with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself.
- Real Estate Salesperson 77-Hour CurriculumNew York State Department of StateSupports: Exam scopeSection: Subject 4, The Contract of Sales and Leases
- Real Estate License Law, March 2026New York State Department of StateSupports: DefinitionSection: Department of State reference glossary entry for Leasehold
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Put the term back into its full subject.
A definition helps with recall. The subject guide shows how the rule interacts with documents, scenarios, calculations and practice questions.