What term describes the legal right to possess and use land?

The correct term that describes the legal right to possess and use land is "land tenure." This term specifically refers to the arrangements or systems by which land is held or managed, including the various agreements that establish the rights and responsibilities over land usage.

Understanding land tenure is critical in discussions about property rights, land ownership, and land allocation, as it encompasses the broader concept of how individuals or entities derive their rights from the state or other legal entities. While property rights and land ownership focus more on individual claims and ownership specifics, land tenure encompasses the legal mechanisms and societal structures that support these rights.

In essence, land tenure is the foundational element that enables property rights and ownership to manifest legally and practically, providing clarity on how land can be used, the restrictions, and the types of agreements governing its use.