What is a less-than-freehold estate commonly referred to as?

A less-than-freehold estate is commonly referred to as a leasehold estate. This term refers to an interest in real property that is for a limited duration, typically established through a lease agreement between a landlord and a tenant. The key characteristic of a leasehold estate is that it does not convey ownership of the property; instead, it provides the tenant with the right to occupy and use the property for a specified period, as determined by the lease terms.

In contrast, a fee simple estate represents the highest form of property ownership, allowing for indefinite duration and full rights to use, sell, or transfer the property. A life estate is limited to the duration of a person's life, and an estate in remainder refers to a future interest in property that takes effect after a prior estate, often after a life estate ends. Thus, the distinction of having limited duration and rights clearly identifies leasehold estate as a less-than-freehold estate.