Carlos had three years remaining on a commercial lease. In May 2026, he transferred his entire remaining lease term to Priya and kept no right to retake the space before the lease expired. What best describes Carlos's transfer?
Correct Answer
C) An assignment of the leasehold
Carlos made an assignment because he transferred his entire remaining leasehold interest and retained no reversionary interest. An assignment passes all of the tenant's remaining term to the assignee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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