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Questions and Answers
What is a leasehold estate?
What is a periodic estate?
An estate from period to period created for an indefinite time.
What does an estate at will provide to a tenant?
The right to possess property with the landlord's consent for an unspecified duration.
An estate at sufferance occurs when a tenant continues to occupy a property without the landlord's consent after the lease has expired.
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What type of lease is always preferable?
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What does the implied covenant of quiet enjoyment guarantee?
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A lessor may restrict a lessee’s use of the premises through provisions included in the _____
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What should the term of a lease include?
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Study Notes
Leasehold Estates
- A leasehold estate grants a tenant the right to occupy real estate for the duration of the lease, categorized as less-than-freehold estate.
- Generally considered personal property.
Periodic Estate
- Created when a landlord and tenant enter into an indefinite agreement without a specific expiration date.
- Initially established for a definite term, such as month-to-month or year-to-year, and continues indefinitely until proper termination notice is given.
Estate at Will
- Provides a tenant the right to occupy property with the landlord's consent for an unspecified duration.
- The tenancy is indefinite and remains valid until either party terminates it with proper notice.
Estate at Sufferance
- Arises when a tenant continues to occupy property lawfully possessed, but remains without the landlord's consent after the lease expiration.
Lease Agreements
- Can be written, oral, or implied depending on statutory requirements.
- Written leases are preferable for enforceability and clarity.
Possession of Premises
- The lessor is bound by the implied covenant of quiet enjoyment, allowing the lessee to use the leased premises without interference.
- Landlords must typically obtain tenant permission for entry, except in emergencies, as outlined in lease conditions.
Use of Premises
- Lease terms may include restrictions on how the lessee can use the property, especially in commercial leases.
- Lessors can specify allowable uses, while absent clear limitations, lessees may use the property for any lawful purpose.
Term of Lease
- The lease term must be clearly stated, including precise beginning and ending dates, alongside the total duration of the lease agreement.
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Description
Test your knowledge with flashcards from Chapter 6 on Real Estate. This collection covers essential terms such as Leasehold Estate and Periodic Estate, providing concise definitions to help reinforce your understanding. Perfect for students preparing for exams in real estate law or property management.
