What is the term for an interest held by a property owner allowing others limited use rights of their property?

The term referring to an interest held by a property owner that allows others limited use rights of their property is known as an easement. An easement is a legal right to use someone else's land for a specified purpose, which typically does not grant ownership of the property but rather a use interest. For example, a utility company might have an easement to run power lines across a private property, allowing them access to maintain and operate the lines without conferring any ownership rights to the utility over the land itself.

Understanding the nature of an easement is essential in property law, as it directly affects both the property owner and the party benefiting from the easement. This concept helps delineate rights and responsibilities, ensuring that both parties know the extent of use allowed and any restrictions that may apply.

The other options, while related to property and rights, do not accurately describe the interest in question. A license generally allows permission to use property but can be revoked and is not a permanent interest. A leasehold typically involves renting property for a specified time, creating a landlord-tenant relationship rather than limited use rights on the owner's part. Transfer refers to the act of conveying ownership, which does not apply when discussing limited use rights.