Which term refers to an interest in land that is not immediately possessed by the holder?

The correct term that refers to an interest in land that is not immediately possessed by the holder is an easement. An easement is a legal right to use another person's land for a specific limited purpose. It allows the holder of the easement to access or benefit from the land without owning it outright, making it a non-possessory interest.

In contrast, a leasehold involves renting or leasing property, which does provide a possessory interest but only for a specified term. A freehold estate represents ownership of real property for an indefinite duration, thereby implying possession. An encumbrance describes a claim or liability against the property that may affect the ownership, such as a mortgage or lien, but it does not grant any rights to use the land like an easement does. Therefore, the unique characteristic of an easement as a non-possessory interest sets it apart as the correct answer.