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Questions and Answers
What is an estate for years?
What is an estate for years?
A leased possession of property for a certain, specific period of time; also known as a tenancy for years.
Every residential tenancy consists of what two parties?
Every residential tenancy consists of what two parties?
The landlord and the tenant.
Who is referred to as the landlord?
Who is referred to as the landlord?
The party granting the lease, a.k.a. the lessor.
Who is referred to as the tenant?
Who is referred to as the tenant?
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What is a leasehold estate?
What is a leasehold estate?
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What is a reversionary right?
What is a reversionary right?
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What are the four types of leasehold estates?
What are the four types of leasehold estates?
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What is a periodic estate?
What is a periodic estate?
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What is an estate at will?
What is an estate at will?
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What is a tenancy at sufferance?
What is a tenancy at sufferance?
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When a tenancy at sufferance occurs, what is the tenant referred to as?
When a tenancy at sufferance occurs, what is the tenant referred to as?
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What happens if a holdover tenant pays rent and the landlord accepts?
What happens if a holdover tenant pays rent and the landlord accepts?
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Study Notes
Leasehold Estates Overview
- Estate for Years: A lease for a specified time with automatic termination at the end of the term and no renewal or notice needed.
- Periodic Estate: Renewed automatically after each lease period; requires notice to terminate, common example is month-to-month rentals.
- Estate at Will: Exists without a formal lease document, specific termination date, or rental period.
- Tenancy at Sufferance: Occurs when a tenant remains beyond the lease term without landlord consent, referred to as a holdover tenant.
Key Parties in Residential Tenancies
- Landlord: Also known as the lessor, this party grants the lease.
- Tenant: Also known as the lessee, this party receives the lease granting occupancy rights.
Leasehold Estate Characteristics
- Leasehold Estate: A type of property use where a tenant occupancy does not equate to ownership, with the obligation to pay rent for the lease duration.
- Reversionary Right: The landlord retains ownership rights, allowing property possession to revert after the lease ends, often referred to as "leased fee estate plus reversionary right."
Types of Leasehold Estates
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Four Types:
- Estate for Years
- Estate from Period to Period
- Estate at Will
- Estate at Sufferance
Specific Definitions
- Holdover Tenant: A tenant who remains in possession of property after lease expiration without landlord consent.
- Conversion to Periodic Estate: If a tenant at sufferance begins paying rent and the landlord accepts, the arrangement transforms into a periodic estate.
Studying That Suits You
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Description
Test your knowledge on key terms related to real estate in Chapter 5. This set of flashcards covers essential vocabulary such as 'estate for years,' 'landlord,' and 'tenant.' Perfect for students looking to solidify their understanding of leasing concepts.
