Which of the following accurately describes an easement?

An easement is defined as a legal right that allows one party to use another party's land for a specific purpose. This can include allowing access for utilities, pathways, or other purposes that do not constitute ownership of the land. The key characteristic of an easement is that it grants permission to use the property without transferring ownership, making it distinct from various other property-related terms.

The other choices do not reflect the definition of an easement. A financial obligation to a lender pertains to debt and borrowing rather than property use. A dispute between neighbors may involve various issues, but it does not describe a legal right of property use. Lastly, a type of property tax refers to the taxation of property ownership, which is unrelated to the concept of easements. Understanding an easement is essential in property law, as it clarifies the rights individuals have regarding land that they do not own outright.