The leaseholder's rights are best described as

• A. Cannot make any changes to land or property under any circumstances
• B. Has complete possession and use of the land subject to the terms of the lease until the lease expires
• C. Has the same rights as the freeholder under law
• D. Has joint and partial possession and use of the land with the freeholder until the lease expires

Answer: (B)

A lease gives you exclusive possession of the property for a defined period, but you hold it subject to the terms of the lease and the law. This means you can use and occupy the land or building fully during the lease term, provided you meet covenants like paying rent, maintaining the property, and respecting any restrictions (alterations, subletting, etc.). At the end of the term, the rights revert to the owner unless the lease is extended or renewed. The leaseholder does not have the same ownership rights as the freeholder, nor do they share possession with the freeholder in the same way. That combination—exclusive use for the term, with limitations set by the lease—best describes a leaseholder’s rights.