Property Ownership
In Ohio, a 'leasehold estate' is best described as:
AThe landlord's ownership interest in the rental property
BThe tenant's possessory interest in property held under a lease✓ Correct
CA fee simple interest subject to lease conditions
DAn estate that automatically converts to fee simple after 21 years
Explanation
A leasehold estate is the tenant's possessory interest in real property under a lease. The tenant has the right to use and occupy the property for the lease term, but the landlord retains the underlying fee interest.
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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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