Property Ownership
A Mississippi commercial building owner grants a tenant a 'right to renew' their lease at a stated rental rate. This right is an example of:
AA fee simple ownership right
BA contractual option that runs with the lease, giving the tenant the right to extend their tenancy on specified terms✓ Correct
CAn easement appurtenant
DA sublease clause
Explanation
A lease renewal option is a contractual right granted to the tenant — not an ownership interest in the property. It gives the tenant the option (but not the obligation) to extend their lease on specified terms. If the tenant exercises the option, the landlord is bound to renew on those terms.
Related Mississippi Property Ownership Questions
- In Mississippi, when real property is transferred as a gift without compensation, the deed used is typically a:
- Mississippi law recognizes 'tenancy by the entirety' as a form of co-ownership available exclusively to:
- The government (rectangular) survey system is used in Mississippi primarily for:
- In the government survey system, a township contains how many sections?
- A 'covenant running with the land' in Mississippi attaches to the property and binds all future owners. For a covenant to run with the land, it must:
- A Mississippi condominium unit owner owns their unit in fee simple and owns the common areas as:
- A Mississippi timeshare is a form of property ownership in which buyers receive:
- A Mississippi property owner's real estate is taken by the state for a new highway. The owner receives just compensation. This is an example of:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →