What interest in real property involves specific durations, like an oil and gas lease?

The correct choice is the one that identifies the type of interest in real property that is characterized by a specific duration or term. A leasehold estate is a form of real property interest where the tenant (or lessee) holds rights to use and occupy the property for a defined period of time, under the terms of a lease agreement. This type of interest does not confer ownership of the property; instead, it grants the lessee the right to use the property for a set duration, like in the case of an oil and gas lease, which typically involves specific terms regarding exploration, extraction, and duration of rights granted.

A leasehold estate contrasts with other types of interests like freehold estates, which imply ownership that is not time-limited in nature. A life estate grants property interest for the duration of someone's life but does not focus on specific timeframes the way a leasehold does. Meanwhile, a fee simple estate represents the highest form of property ownership, with no duration limitation, as it allows the owner to hold the property indefinitely. Thus, the defining characteristic of a leasehold estate is its reliance on a defined period, making it applicable to scenarios such as oil and gas leases, which are inherently time-constrained.