Property Ownership
Which type of estate does NOT have a specific ending date but may be terminated by either party with proper notice?
AEstate for years
BPeriodic tenancy✓ Correct
CEstate at will
DEstate at sufferance
Explanation
A periodic tenancy (month-to-month, week-to-week) has no specific end date but continues for successive periods until either the landlord or tenant gives proper notice to terminate.
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Key Terms to Know
Deed
A 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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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