A transfer of the right to the possession and use of real property for a set term in return for certain consideration is known as a ________.
A)title transfer
B)lease
C)novation
D)deed

Question

Quizplus · Accepted Answer

A lease is a transfer of the right of possession and use of real property for a set term (i.e. a specified period of time) in exchange for certain consideration (i.e. rent). A title transfer is a broader term that refers to the transfer of ownership of the property, which may or may not involve a lease. Novation refers to the substitution of a new contract or party for an existing one, and is not directly related to the transfer of property rights. A deed is a legal document that conveys an interest in real property, but may or may not involve a lease.

A Transfer of the Right to the Possession and Use