Which of the following is NOT a leasehold estate classified by how long the tenant's possession lasts?
Correct Answer
D) Tenancy in common
Leasehold estates are sorted by the duration of the tenant's right to possess: a tenancy for years has definite beginning and ending dates, a periodic tenancy renews from period to period until notice, and a tenancy at will lasts only as long as both parties allow. Tenancy in common borrows the same word but describes concurrent ownership, in which two or more owners hold undivided fractional interests in the same property. It is a form of co-ownership, not a measure of a tenant's term.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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