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New Mexico Broker Basics Unit 3 Property Management test questions and answers
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New Mexico Broker Basics Unit 3 Property Management test questions and answers
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New Mexico BrokerBasics Unit 3 Property
Management test
questions and answers
Less than freehold estates are
Estates of possession only and are generally called leasehold estates
Estates for years
Most common leasehold estate. Specifies an exact duration for the
tenancy with a definite termination date
Estates from period to period
Has no definite termination date and will automatically renew for
successive periods until one party gives notice of termination
Estates at will
Gives the tenant the right of the tenant to possession with the consent of
the landlord, but the term of the estate is more indefinite than periodic
tenancies
Estates at sufferance
Occurs when a tenant remains in possession without the consent of the
landlord and is also called a holdover tenant.
A lease is
An agreement in which the landlord (lessor) gives tenant (lessee) the right
to use and to have exclusive possession of real estate for a specified
period in consideration of the payment of rent
Waste is
Anything the tenant does or does not do that injures or changes the
essential character of the landlord's reversion (the property reverts to the
owner after the lease)
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