Step 1: Identify the correctly spelled word.
"Premises" is the correct spelling, commonly used to refer to buildings or property.
Step 2: Check the options.
% Option
(1) PREMMISES: Incorrect spelling.
% Option
(2) PREMIISES: Incorrect spelling.
% Option
(3) PREMISES: Correct spelling.
% Option
(4) PREEMISES: Incorrect spelling.