Property Management
In Rhode Island, what is a 'ground lease'?
AA lease for basement or ground-floor commercial space
BA long-term lease of land only, where the tenant constructs and owns the improvements during the lease term✓ Correct
CA short-term lease of agricultural land
DA government land lease for public housing
Explanation
A ground lease (or land lease) is a long-term lease (typically 50-99 years) of land on which the tenant constructs and owns buildings during the lease. Upon expiration, ownership of the improvements may revert to the landowner.
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