Which is NOT a characteristic of a typical leasehold estate?

The characteristics of a typical leasehold estate include specific legal attributes that determine how the interest in the property is managed. One key aspect of leasehold estates is that they are considered personal property and are generally not inheritable. This means that if a tenant (lessee) passes away, their leasehold interest does not pass to their heirs. Instead, it typically terminates on the death of the tenant unless there is a specific provision in the lease stating otherwise.

In contrast, leasehold estates often require a written agreement to outline the terms of the lease, as doing so helps to protect both parties' rights and clarify conditions, including duration and responsibilities. Many leases are also structured to have periodic renewals, allowing tenants to extend their lease automatically unless a party gives notice to terminate. Similarly, the death of the party does play a role in the termination of the leasehold; for instance, the lease may terminate when the lessor or lessee passes away unless stated otherwise in the lease agreement.

Understanding these characteristics helps clarify why inheritable status is not associated with leasehold estates, making it the correct answer for the question posed.