Final answer:
The two types of possessory estates in land are freehold estates and leasehold estates. Freehold estates grant absolute ownership of the land, while leasehold estates involve granting the right to possess and use the land for a specific period of time.
Step-by-step explanation:
The two types of possessory estates in land are freehold estates and leasehold estates.
Freehold estates are absolute ownership of the land and can last indefinitely. The owner has the right to possess and use the land as they wish. Examples of freehold estates include fee simple absolute and life estates.
Leasehold estates are when the owner grants another person the right to possess and use the land for a specific period of time, typically through a lease agreement. The person who possesses the land is called the lessee or tenant, and the owner is the lessor or landlord. Examples of leasehold estates include tenancies for a term, periodic tenancies, and tenancies at will.