medium · National Real Estate Exam property-management
A tenant holds a leasehold interest that automatically renews for successive 30 day periods unless notice is given.
What is the correct classification of this estate, and how does it differ from an estate for years?
- It is an estate for years; any lease measured in increments of time falls into this category
- It is a periodic estate; it requires notice to terminate, whereas an estate for years does not
- It is an estate at will; it can be ended by either party instantly without notice
- It is a periodic estate; it terminates automatically on the death of either party
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