Which term describes a lease arrangement that allows a tenant to have possession with the landlord's permission?

The term that accurately describes a lease arrangement allowing a tenant to have possession with the landlord's permission is "Tenancy at Will." This type of lease agreement provides the tenant with the right to occupy the property for an indefinite period, but it can be terminated at any time by either party. Since the tenant possesses the property with the landlord's consent, they enjoy a more flexible and informal relationship compared to a fixed-term lease.

The other options refer to different legal concepts regarding occupancy and possession. A "Periodic Estate" typically involves a tenancy that automatically renews at specific intervals, such as weekly or monthly, rather than the open-ended nature of a tenancy at will. "Tenancy at Sufferance" occurs when a tenant remains in possession of the property after their lease has expired without the landlord's consent, indicating a lack of permission rather than the presence of it. A "Life Estate" pertains to ownership interest in property that lasts for the life of a designated individual, which is not relevant to the concept of leases and tenant rights.