Ownership and estates
Leasehold estate
A tenant’s right to possess property for a period, without owning it
The tenant holds possession while the landlord keeps the reversion — ownership subject to the lease. A leasehold is personal property in most states rather than real property, which surprises people and is examined for exactly that reason.
How the exam asks about it
Know the four: estate for years, periodic tenancy, estate at will, estate at sufferance. Nearly every leasehold question is asking you to name one from its facts.
Related terms
Sitting the license exam? Find out what you actually know.
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