Questions and Answers
What is a leasehold or leasehold estate?
What are the four types of leasehold estates?
Tenancy at sufferance, Tenancy at will, Tenancy for years, Tenancy in severalty
A tenancy at sufferance exists when a tenant is legally allowed to remain in a property after their lease has expired.
False
What characterizes a tenancy at will?
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What is a tenancy for years?
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What type of tenancy involves ownership by a single individual?
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What does a freehold estate refer to?
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When does a life estate expire?
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Fee simple absolute property can be inherited.
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What is a fee simple defeasible?
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Which of the following is NOT a type of freehold estate?
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What is a cost of living lease?
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What defines a gross lease?
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What is a net lease?
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What is a percentage lease?
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What is a sandwich lease?
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Describe a step lease.
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Study Notes
Leasehold Estates
- Ownership interest where a lessee holds real property via a lease from a lessor.
- Four types:
- Tenancy at sufferance: Tenant occupies property post-lease expiration until ejected.
- Tenancy at will: Lease can be terminated by either party at any time with reasonable notice.
- Tenancy for years: Lease for a predetermined fixed period.
- Tenancy in severalty: Individual ownership of property.
Freehold Estates
- Title to land characterized by immobility and indeterminate duration.
- Types include:
- Life estate: Ownership expires upon the owner's death or that of a specified individual.
- Fee simple absolute: Full ownership with unconditional rights and inheritable to heirs.
- Fee simple defeasible: Ownership subject to specific conditions that can affect title.
Other Related Concepts
- Fee tail estate: Inheritable only by specified heirs; not legal in the U.S.
- Types of lease agreements encompass various arrangements depending on cost and conditions:
- Cost of Living Lease: Rent adjusts with inflation.
- Flat or Fixed Lease: Fixed rent for a set time.
- Gross Lease: Tenant pays a flat rent; landlord covers operating costs, may have escalation clauses.
Specific Lease Types
- Land Lease: Long-term lease for land improvements; property reverts to land owner post-lease.
- Net Lease: Tenant pays base rent plus various expenses, with increases tied to actual costs.
- Percentage Lease: Base rent plus a percentage of gross income or whichever is higher.
- Sale-Leaseback: Seller conveys property while leasing it back to maintain occupancy.
- Sandwich Lease: Lease acquired from a previous lessee and subleased to another tenant.
- Step Lease: Rent increases by a set amount periodically, based on estimated costs.
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Description
This quiz covers the fundamental concepts of leasehold and freehold estates in real property law. Explore various types of tenancy arrangements, such as tenancy at sufferance and fee simple absolute. Understand the distinctions and characteristics of each type of estate to enhance your knowledge in property law.
