This marriage is a normal Islamic marriage with the exception that the husband and wife give up several rights by their own free will, such as living together, equal division of nights between wives in cases of polygyny, the wife's rights to housing, and maintenance money ("nafaqa"), and the husband's right of homekeeping, and access etc. and it is practiced by sunnis.
These rights are not considered obligatory for the marriage contract to happen according to Islam.
Also, Misyar is not temporary. If the marriage is fixed (temporary) then this is haram according to Sunnis.
Last point, Majority of scholars disallowed Misyar marriage, such as Yusuf al-Qaradwai and al-albani and other. Source - Wikipedia - Criticism of Misyar marriage
It is a type of marriage used in Twelver Shia sec, where the duration of the marriage and the dowry must be specified and agreed upon in advance.
Moreover, A declaration of the intent to marry and an acceptance of the terms are required (as they are in nikah (marriage in Islam).
Misyar is not a temporary marriage while Muta'ah is a temporary marriage.
For more Info: Check the questions tagged with Mutah tag.