Property Management
What is the term for a tenant who remains in possession after their lease expires without the landlord's permission?
AHoldover tenant✓ Correct
BPeriodic tenant
CTenancy at will
DSublessee
Explanation
A holdover tenant (tenant at sufferance) is one who remains in possession after their lease has expired without the landlord's consent. The landlord may evict or choose to accept rent and create a new tenancy.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
GREC Regulation
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