A lease provides that the lessee will occupy the premises for a period of 12 months, beginning August 1, 2007, and will pay $18,000 at the rate of $1,500 per month. Such a lease would create a(n)

Question

A lease provides that the lessee will occupy the premises for a period of 12 months, beginning August 1, 2007, and will pay $18,000 at the rate of $1,500 per month. Such a lease would create a(n)

Quizplus · Accepted Answer

An estate for years is a leasehold interest in property for a fixed period of time, in this case, 12 months from August 1, 2007. It is not automatically renewable and ends without the need for notice.

A Lease Provides That the Lessee Will Occupy the Premises