What term describes the legal right to use another’s property in a specified way?

The term "easement" refers to the legal right to use another person's property for a specific purpose, which distinguishes it from other property rights and concepts. An easement allows one party to access or utilize a portion of another's land without possessing it outright, such as for utilities or driveway access.

This concept is essential in real estate because it outlines the boundaries of use for both the property owner and the easement holder, ensuring that the rights and responsibilities of both parties are clearly defined. An easement can be either residential or commercial, and it is generally documented in a deed, reinforcing its legal standing.

Other terms in the question relate to different aspects of property law. "Leverage" typically refers to using borrowed capital for investment, which doesn't pertain to property rights. "Liability" addresses legal responsibilities or obligations rather than rights related to property usage. "Encumbrance" refers to claims against a property, such as liens or mortgages, affecting its value or use, but it does not specifically grant the right to use the property as an easement does. Understanding these distinctions is crucial for anyone working in real estate or property management.