Property Management
A Kentucky residential tenant whose lease has expired but who continues to occupy with the landlord's acquiescence (but no new lease) is a:
ATenant at sufferance
BHoldover tenant or periodic tenant✓ Correct
CLife tenant
DTrespasser
Explanation
A holdover tenant who remains with the landlord's acquiescence after a lease expires typically converts to a periodic (month-to-month) tenancy on the same terms.
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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.
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