Final answer:
Baird and Carr's agreement to use and possess land until a specific date creates a real estate interest that could be either a license or a lease, depending on the specific terms such as duration, payment, and level of control. A license is a more temporary and revocable right, while a lease grants more control and exclusive rights to the lessee.
Step-by-step explanation:
When Baird signs an agreement with Carr to use and possess Carr's land until May 1, their agreement presumably creates a type of temporary real estate interest known as a license or, depending on the terms of their agreement, a lease. The specific nature of this interest can vary based on the details of the agreement such as the length of the term, payments involved, and the extent of control over the property, but generally speaking, a lease tends to be of longer duration and imparts more control and exclusive possession than a license, which is often revocable and does not entail an exclusive possession.
If the agreement is merely for use and possession without any formal tenancy agreement, it would likely be considered a license, which is a personal privilege to use the land for a particular purpose. However, if the agreement confers exclusive possession and is for a set period, it is more akin to a leasehold estate, which is an interest in real property that allows the holder (lessee) to possess and use the property for a certain period under specific conditions stipulated in a lease agreement.