Property Ownership
An Oregon property owner grants a 25-year lease for a commercial building to a retail tenant. This creates a:
AFee simple estate for the tenant
BLeasehold estate (chattel real) for the tenant✓ Correct
CLife estate for the tenant
DEasement for commercial purposes
Explanation
A long-term lease creates a leasehold estate (sometimes called chattel real) for the tenant. The tenant has a possessory interest in the property for the lease term but does not own the fee. Leasehold interests can be valued and even sold or subleased (subject to lease terms).
Related Oregon Property Ownership Questions
- In Oregon, what is an 'equitable title' and how does it differ from 'legal title'?
- A 'survey' of real property defines:
- In Oregon, what is the effect of recording a lis pendens against a property?
- A homeowner's association (HOA) recorded Declaration of Covenants, Conditions, and Restrictions (CC&Rs) is a:
- The term 'bundle of rights' in real estate refers to:
- In Oregon, when multiple parties purchase property together and want to ensure equal ownership shares with the right of survivorship, they should take title as:
- An Oregon homeowner's 'homestead exemption' provides:
- In Oregon, when a married couple takes title as 'tenants in common,' what happens to one spouse's share upon death?
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →