Which of the following best defines a leasehold estate?

A leasehold estate refers to the right to use and occupy a property for a specified period under the terms of a lease agreement. This concept is fundamental in real estate as it distinguishes between ownership and usage rights. In this context, the leasehold estate does not confer ownership of the property itself but grants the tenant the right to use the property for an agreed duration, typically in exchange for rent.

While the other options touch on related aspects of property agreements, they do not accurately capture the essence of a leasehold estate. Ownership pertains to the ultimate legal rights associated with a property, which is not the case with a leasehold estate. An agreement to lease property is a part of the process of establishing a leasehold but does not define the estate itself. Contractual rights to the value of the property are related to ownership and valuation rather than the distinct usage rights that define a leasehold estate. Thus, the correct answer emphasizes the specific nature of the rights granted to a tenant in a leasehold arrangement.