On January 1, 2026, a landlord and tenant signed a written apartment lease that began that day and ended automatically on December 31, 2026. What kind of leasehold estate was created?
Correct Answer
C) Estate for years
An estate for years is a leasehold with a fixed beginning and a fixed ending date. Because the lease runs from January 1 through December 31 and ends automatically, it is an estate for years.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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.
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