Property Management
A lease that automatically renews for successive periods unless either party gives notice is called a:
AEstate at will
BPeriodic tenancy✓ Correct
CEstate for years
DTenancy at sufferance
Explanation
A periodic tenancy (such as month-to-month or year-to-year) automatically renews for successive equal periods until proper notice of termination is given by either party. The notice period is typically equal to the rental period.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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