Check Your Understanding Answers
- What does the term “leaseholder estate” refer to?
It refers to a lessee or tenant’s ownership of a temporary right to exclusively possess land or property.
- When does the Statute of Limitations require leases be in writing?
The Statute of Frauds requires a lease for a period of one year or longer to be in writing. Month-to-month lease agreements are not required by law to be in writing, but it is wise for all leases, regardless of the term, to be in writing. However, leases or rentals arranged by a property manager must be in writing regardless of the lease term.
- List three provisions common in lease agreements. (See page 64 for other correct answers.)
- Capacity to contract
- Description of the premises
- Specification of rent and how it is to be paid
- Describe the maintenance and repairs provision.
This provision outlines the maintenance required by the parties and details who is responsible for repairs. It may also address required reporting for repairs to be made.
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