A commercial tenant's lease expired last month. The landlord continues to accept rent checks each month without signing a new lease. What type of tenancy has been created?
Correct Answer
A) Periodic tenancy
When a landlord accepts rent after a lease expires, a periodic tenancy is created that continues from period to period until proper notice is given.
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Previous Question
Monthly rent of $1,750 has been collected in advance for a 30-day month. Closing occurs on the 11th day of the month, and the seller owns the day of closing. What rent amount is credited to the seller?
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A restaurant tenant pays $3,000 per month in base rent under a triple-net lease. Annual property taxes are $12,000, annual insurance is $3,600, and annual common-area maintenance is $6,000. What is the tenant's total monthly payment?