Real Property

Question 1

Tenancy For Years (Leasehold Estates)

Answer 1

Estate for fixed, determinable period of time - “until December 31, 1999” is estate for years.
W/ duration of more than 1 year, then must be created by written instrument signed by grantor to comply w/ Statute of Frauds.
Terminates on expiration of stated term or pursuant to reserved right of reentry/power of termination.

Question 2

Leasehold Estates

Answer 2

Possessory, non-freehold estate.
Lessee has exclusive right to possession.
Estate is assignable (unless lessee provides to contrary) - can be left by will, capable of descent
Descends like personal property under laws of intestate succession

Question 3

Periodic Tenancy (Leasehold Estate)

Answer 3

Tenancy will continue for a year or lesser stated period and for repeated similar periods unless terminated at end of a given period by proper notice from landlord or tenant
Automatic renewal
Created by:
- express agreement
- inference where lease is silent about duration, but parties agreed rent paid at specific periods
- operation of law if possession under invalid lease or if “holdover tenant”

Question 4

Establishing Length of Period (Periodic Tenancies)

Answer 4

If silent about duration, but annual rent - tenancy from year-to-year.
Rent paid monthly - leasehold month-to-month.
Annual rent paid in monthly installments - estate from year-to-year.

Question 5

Tenancy At Will

Answer 5

Estate terminable at will of landlord/tenant w/o fixed duration