A person leases a property and would like to build a house on the leased land. the tenant's rights would be leasehold.
In a leasehold arrangement, one party purchases the right to occupy land or a building for a predetermined period of time. Leasehold real estate can be bought and sold on the open market since a lease is a legal estate. Thus, a leasehold differs from a freehold or fee simple, where property ownership is acquired outright and afterwards retained for an indefinite amount of time, as well as from a tenancy, when a property is let (rented) on an irregular basis, such as weekly or monthly.
A person leases a property and would like to build a house on the leased land. The tenant's rights would be:
A. Fee simple
B. First right of refusal
C. Option to buy
D. Leasehold
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