Certified Residential Appraiser Practice Exam

Tenancy for years is defined by which characteristic?

1. Indefinite lease agreement.

2. Has a specific termination date.

3. Requires a 30-day notice to vacate.

4. Can be terminated at any time.

The correct answer is: Has a specific termination date.

Tenancy for years is characterized by having a specific termination date. This means that the lease is for a fixed, predetermined duration, which can range from days to years, and it explicitly notes when the lease will end. This clarity in the lease period provides both the landlord and the tenant with certainty about the tenancy's duration, distinguishing it from other types of tenancies that may be more indefinite or flexible. Unlike an indefinite lease agreement, which does not have a fixed end date and continues until terminated by either party, a tenancy for years is clearly defined and does not require a notice to vacate unless the lease document itself specifies otherwise. It stands in contrast to tenancies that can be terminated at any time, which provide less security to both parties regarding their occupancy and obligations.