An ownership interest that can be an estate interest or a right of use is known as what?

The concept of an ownership interest that encompasses both an estate interest and a right of use aligns best with a time-share arrangement. In a time-share, multiple individuals have rights to use a property for a specified period, which effectively creates a shared ownership scenario. This not only allows for the enjoyment of a vacation home or similar property but also implies a legal framework that can resemble an estate interest, as owners typically hold a form of title or deed.

Unlike other options, a time-share gives individuals the right to use the property for designated intervals, making it distinct from pure ownership structures. For example, in a leasehold, individuals have possessory rights under a lease agreement but do not own the property. Similarly, a condominium refers to individually owned units within a larger building, which does not fit the definition of a flexible use arrangement over time like a time-share. A cooperative involves ownership of shares in a corporation that owns the property but lacks the direct estate interest typically associated with individual ownership.

Therefore, the nature of a time-share allows for both the enjoyment of a property for limited periods and reflects an ownership structure that integrates elements of both estate and use rights, making it the correct answer.