Property Ownership
A Nebraska farm lease that runs from year to year and includes automatic renewal unless notice is given is an example of a:
AFixed-term lease
BPeriodic tenancy (year-to-year tenancy)✓ Correct
CTenancy at will
DTenancy at sufferance
Explanation
A periodic tenancy (such as a year-to-year farm lease) automatically renews for successive periods unless one party gives proper notice. Nebraska farm leases have traditionally followed March 1 renewal dates.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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