Chp. 12 - Leases

Question 1

lease/less than freehold estate

Answer 1

contract between two parties to uphold certain covenants and obligations (conveys an interest called leasehold estate)

• Right to use and occupy property for a limited period of time in exchange for rent until lease is over
• May restrict use to confirm to landlord’s desires.

Question 2

4 types of leasehold estates:

Answer 2

1. Estate for Years
2. Estate from period to period
3. Estate at Will
4. Estate at Sufferance

Question 3

Estate for Years

Answer 3

continues to define fixed period of time measured in days, weeks, or months.

Question 4

Estate from period to period

Answer 4

Lease continues from period to period, month to month or week to week.

Month to month is the most common.

• Requires proper notice to terminate
• No definite end date

Question 5

Estate at Will

Answer 5

There is no time limit. No agreement about rent and can be terminated by either party at any time.

Question 6

Estate at Sufferance

Answer 6

tenant takes legal possession of the property but remains on the property without the owner’s consent after the lease terminates.

Question 7

Holdover tenant

Answer 7

tenant who doesn’t leave when the lease expires. In NY owner can evict tenant through court action.