Property Ownership
Which of the following is a characteristic of a periodic tenancy?
AIt runs for a fixed term with a definite end date
BIt automatically renews at the end of each period until proper notice is given✓ Correct
CIt can only be terminated by the landlord
DIt is created only by written lease agreement
Explanation
A periodic tenancy (estate from period to period, e.g.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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