Property Ownership
In Maine, 'tenancy at will' describes a rental arrangement where:
AThe tenant may stay as long as the owner is alive
BEither the landlord or tenant may terminate with proper notice at any time✓ Correct
CThe tenant has a fixed one-year lease
DThe tenant pays no rent
Explanation
A tenancy at will has no fixed term; either party may terminate the tenancy with proper statutory notice (typically 30 days in Maine). It often arises when a tenant stays past the end of a lease without signing a new one.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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