National Real Estate Practice Exam

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Prepare for the National Real Estate Exam. Study with flashcards and multiple-choice questions, each with hints and explanations. Get ready for your exam now!

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A Period to Period leasehold has which of the following attributes?

It has a specific starting and ending date
It has a length specified but no specific expiration date
It can only be terminated upon mutual agreement
It is not legally binding without a contract

The correct answer is: It has a length specified but no specific expiration date

A Period to Period leasehold, also known as a periodic tenancy, is characterized by its flexibility regarding duration. It does not have a fixed ending date but instead renews automatically at the end of each rental period (such as weekly or monthly), as long as the tenant continues to pay rent. This means that while there is a specified length of time for each rental period, the lease continues indefinitely until either party gives notice of termination, making option B the accurate representation of a Period to Period leasehold's attributes. This feature allows for ongoing occupancy without the need for a new lease agreement each time a rental period ends, which is beneficial for both landlords and tenants who may want the option to continue or terminate the lease with proper notice.