Final answer:
The type of leasehold estate with a definite termination date is known as an 'estate for years' or 'term tenancy,' which ends automatically without notice on the specified end date.
Step-by-step explanation:
The type of leasehold estate that has a definite termination date is called an estate for years or a term tenancy. This type of lease agreement explicitly specifies the duration of the tenancy, with a start and end date.
When the predetermined end date arrives, the lease automatically terminates without the need for notice from either party. In contrast, other lease types, such as periodic tenancies, renew automatically and require notice for termination.
Termination of the lease occurs as described in the lease agreement, which typically stipulates the condition of the premises upon vacating and the responsibilities of the resident to avoid incurring additional rent and damages.
Possession of the property may also be affected in cases where the owner cannot deliver possession on the agreed date due to unforeseen circumstances, providing grounds for either party to terminate the agreement.