National Real Estate Practice Exam

An Estate for Years is characterized by which feature?

1. It has an indefinite expiration date

2. It may be terminated at any time by either party

3. It has a specific expiration date

4. It requires a written agreement for validity

The correct answer is: It has a specific expiration date

An Estate for Years is characterized primarily by having a specific expiration date. This type of lease is a contract that is set for a defined term, which means that the duration of the lease is predetermined, and it will automatically terminate when that period expires. This can range from a few days to many years, but it always includes this definitive time frame. While it's important to note that some leases may require a written agreement for validity, this is not a defining feature unique to Estates for Years; written agreements can be relevant in various types of leases. The concept of indefinite expiration dates is more applicable to periodic tenancies, and leases that can be terminated at any time by either party typically pertain to agreements with a month-to-month or similar nature. Thus, the defining characteristic of an Estate for Years remains its clearly articulated start and end dates.