Final answer:
A leasehold estate conveys possession and control of property without transferring the title. It is established through a lease agreement and upon its expiration, possession returns to the owner unless renewed.
Step-by-step explanation:
The type of estate that conveys possession and control, but not title, is a leasehold estate. Unlike other types of estate in real property, such as a fee simple absolute or a life estate, which convey ownership, a leasehold estate provides the right to occupy and use the property for a certain period of time under a lease agreement, without transferring ownership of the property. The lessee, or tenant, has the right to possess and control the property, but the legal title remains with the lessor, or property owner.
A leasehold estate is typically established through a lease agreement where specific terms and conditions, including the length of the lease, are set forth. This can include residential, commercial, or industrial property leases. Upon expiration of the lease, rights of possession and control revert to the property owner, unless the lease is renewed or extended according to its terms.