Ch 16

Question 1

Lease

Answer 1

contract between lessor ( owner of real estate ) and the lessee that transfers possession and use of the property, lasts for a specified period, and is made in return for consideration ( possession of payment )

Question 2

reversionary right

Answer 2

to possess property when a lease expires

Question 3

estate for years (tenancy for years )

Answer 3

continues for definite period

Question 4

estate from period to period (periodic tenancy)

Answer 4

has no specific expiration date, but rent is payable at definite intervals

1. has continuity bc it automatically renews
2. Month-to-month tenancy- a common form of residential lease
3. Holdover tenancy- may be created when a tenant with an estate for years stays on after the lease term expires and the landlord accepts rent payment

Question 5

Estate at will ( tenancy at will)

Answer 5

has no specified initial term, is created by express agreement or operation of law, and can be terminated by the landlord or the tenant at any time on proper notice

Question 6

Estate at sufferance ( tenancy at sufferance)

Answer 6

created when the tenant stays on without the landlord’s consent after termination

1. landlord’s acceptance of rent creates a holdover tenancy
2. the landlord can treat a tenant as a trespasser and begin eviction proceedings and action for damages under state laws