Property Ownership
A leasehold estate gives the tenant:
AFee simple ownership of the property
BThe right to possess and use the property for a specified time✓ Correct
CAn easement appurtenant over the landlord's adjacent land
DAn undivided interest in the common areas
Explanation
A leasehold estate is a possessory interest — the tenant has the right to occupy and use the property for a defined period under the terms of the lease. The landlord retains the freehold (ownership) interest.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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