Property Ownership
What type of ownership interest does a lessee (tenant) have in a Delaware property?
AA freehold estate
BA leasehold estate✓ Correct
CA fee simple estate
DA life estate
Explanation
A lessee (tenant) holds a leasehold estate — a possessory but not ownership interest in the property for the duration of the lease. Leasehold estates are less-than-freehold estates.
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Key Terms to Know
Life Estate
A freehold interest in real property that lasts only for the duration of a specified person's life.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA 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.
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