New York Real Estate Salesperson ExaminationProperty OwnershipEasy
A tenant has a lease agreement for an apartment that explicitly states the lease will terminate on December 31st of the current year, without any requirement for either the landlord or tenant to provide notice. What type of leasehold estate describes this arrangement?
- APeriodic Estate
- BEstate for Years
- CEstate at Sufferance
- DEstate at Will
Show answer & explanationAnswer & explanation
Correct answer: B. Estate for Years
An Estate for Years is a leasehold estate with a definite beginning and end date. It automatically terminates on the specified end date without the need for notice from either party.
Why the other options are wrong
- A. A Periodic Estate automatically renews and requires notice to terminate.
- C. An Estate at Sufferance describes a tenant unlawfully holding over after a lease expires.
- D. An Estate at Will has an indefinite term and can be terminated by either party at any time, often without formal notice.
Estate for Years
A leasehold estate that has a definite beginning and end date, automatically terminating without notice on the specified end date.
- Can be for any fixed period (e.g., one month, five years).
- Does not require notice to terminate.
- Also known as a 'term tenancy' or 'tenancy for years'.
Memory trick: Years is fixed; Periodic keeps paying; Will is whenever; Sufferance is staying.