What type of estate arises when the rightful possessor conveys the right to use property in exchange for rent?

The type of estate that arises when the rightful possessor conveys the right to use property in exchange for rent is indeed a leasehold estate. This arrangement is characterized by the tenant’s right to occupy and utilize the property for a specified duration in exchange for payment, commonly referred to as rent.

In a leasehold estate, the landlord retains ownership of the property while granting the tenant specific rights to use and enjoy the property based on the terms of the lease agreement. Leasehold estates can vary in duration and conditions, but they are essential in real estate transactions, providing a legal framework for the landlord-tenant relationship.

In contrast, a freehold estate represents ownership of the property with no predetermined end date, while a life estate limits ownership to the duration of a person's lifetime. A void estate implies that the estate has no legal validity, which does not apply in this context. Thus, the leasing arrangement defined in the question directly aligns with the characteristics of a leasehold estate.