Property Ownership
In New Mexico, a 'leasehold estate' for a fixed term (e.g., a 2-year lease) is known as a:
AFee simple estate
BTenancy for years (estate for years)✓ Correct
CPeriodic tenancy
DTenancy at will
Explanation
A tenancy for years (estate for years) is a leasehold with a definite start and end date. It terminates automatically at the end of the agreed term without notice being required.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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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