Lease Agreement Basics | Real Estate Exam Prep Videos

The real estate license exam will have question regarding key elements of a lease agreement including how lease agreement are terminated. This real estate exam prep video will cover all the basics you will need to know to pass this section of the real estate exam. Key terms discussed in this real estate exam prep video are:

Lessor – The owner of property leased to another.
Lessee – The tenant who is a party to a lease agreement.
Leasehold Interest – The legal interest a lessee has in a lease agreement.
Tenancy for Years (a.k.a. Estate for Years) – A leasehold interest that grants the lessee use of the property for a specified period of time.
Periodic Tenancy ( a.k.a. Estate for Period to Period) – A lease agreement that continues from period to period. Notice is required for either party to terminate the lease agreement.
Tenancy at Will – The use of a property whereby either party can terminate the lease agreement at any time. No notice is required.
Tenancy at Sufferance – A lessee that remains in a leased property after the lease agreement has expired.
Reversionary Interest – A ownership future interest in a property
Statute of Frauds – State law that require certain contracts to be in writing to be enforceable.
Constructive Eviction – A breach of a term in the lease agreement by the lessor
Actual Eviction – The lessee is evicted from a leased property for failure to perform to the terms of the lease agreement
Right of Possession –

Best of luck with your studies…

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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

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Paul Vojchehoske