Which of the following best describes an easement?

An easement is best described as a right to use the land of another for a specific purpose. This definition captures the essential characteristic of an easement, which grants one party permission to utilize a portion of another party's property under defined conditions. Easements can serve various purposes, such as providing access to a road, allowing utility companies to install infrastructure, or granting rights for water drainage.

Unlike ownership interests in property, which confer legal title to the land, an easement does not transfer ownership but rather establishes a right to use or access part of the property for a designated purpose. This distinction is crucial in real estate, as easements often involve shared responsibilities and rights between property owners.

The other options touch upon different concepts within real estate but do not accurately describe an easement. For instance, a lease agreement is a contract related to renting property, while methods for determining property value are part of appraisal practices, not the nature of an easement itself. Understanding easements is vital in real estate as they can significantly impact property use and value.