Certified Residential Appraiser Practice Exam

What type of tenancy allows tenants to remain without a written agreement?

1. Tenancy for Years

2. Periodic Tenancy

3. Tenancy at Will

4. Joint Tenancy

The correct answer is: Tenancy at Will

A tenancy at will is a type of arrangement where tenants can occupy a property without a formal written lease agreement. This agreement can be terminated at any time by either party, providing a high degree of flexibility. It often comes into play when the landlord and tenant have not formally agreed on the specifics of a longer-term lease. In this type of tenancy, the rental payment is agreed upon, but the duration of the tenancy is not fixed. This distinguishes it from other forms of tenancy, such as tenancy for years, which involves a specific term defined by a written agreement, or periodic tenancy, which usually follows a regular schedule (like week-to-week or month-to-month) defined by a contract. Joint tenancy relates to ownership interest among multiple parties rather than agreements regarding occupancy. Therefore, tenancy at will accurately reflects a situation in which tenants can occupy property without the structure of a written lease agreement.