What kind of agreements usually govern leasehold estates?

Leasehold estates are primarily governed by leases, which are legal agreements between a landlord and a tenant outlining the terms of a rental arrangement. A lease provides essential details such as the duration of the tenancy, rental payment amounts, responsibilities for maintenance, and the rights and obligations of both parties. This contractual relationship is designed to protect the interests of the landlord while also granting the tenant the right to occupy and use the property for a specified period.

Licenses, on the other hand, do not create an estate in land; instead, they grant permission to occupy or use a property without conveying any interest in the property itself. Partnerships involve a business relationship where parties agree to collaborate for mutual benefit, and are not directly relevant to the framework of leasehold estates. Deeds are used to convey ownership of real property and establish title rights, rather than to create a rental agreement.

Thus, leases are the foundation for leasehold estates, defining the terms under which a tenant can inhabit a property while protecting the rights of the landlord, solidifying the choice of leases as the correct answer.