Asked by Tashae Thomas on Apr 28, 2024
Verified
What are the different types of leases?
Types of Leases
Refers to the various classifications of rental agreements based on duration, manner of rent calculation, and other conditions, such as fixed-term, periodic, or at-will leases.
- Discriminate between different lease options and their respective qualities.
Verified Answer
MR
Melony RaskinApr 30, 2024
Final Answer :
A definite-term lease, also known as a term for years, automatically expires at the end of the specified term. A periodic-tenancy lease is created for a recurring term, such as month to month. Third, parties to a tenancy-at-will lease may terminate the lease at any time. Fourth, if a tenant fails to leave the property after the termination of the lease, a tenancy-at-sufferance lease is created.
Learning Objectives
- Discriminate between different lease options and their respective qualities.