Estates in real property are categorized as which two types?

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The main idea is that estates in real property are distinguished by how long the interest lasts: ownership that can endure indefinitely versus rights to possess for a limited period. A freehold estate represents an ownership interest of potentially unlimited duration and can be transferred or inherited. Within freehold, you have examples like fee simple and life estates. The other category, less-than-freehold (often called leasehold), covers rights to possess the property for a defined term or under a temporary arrangement, without owning the land itself. Examples include tenancy for years, periodic tenancy, tenancy at will, and tenancy at sufferance. This distinction matters in practice because it determines whether the party is conveying ownership or merely possession, which in turn affects how the property can be transferred, financed, or insured.