Practice Exam: Leases
(Types & Terms)
2026/2027 VERSION
WITH QUESTIONS AND
VERIFIED ANSWERS
100% CORRECT WITH
RATIONALES AND PDF
DOWNLOAD.
1. What is a lease in real estate?
,Answer: A contract granting possession
of property for a specified time in
exchange for rent.
Rationale: A lease transfers the right of
possession, not ownership, from landlord
to tenant.
2. Which type of lease has a fixed start
and end date?
Answer: Estate for years (fixed-term
lease).
Rationale: It runs for a definite period
with a set expiration date.
3. What is a periodic tenancy?
,Answer: A lease that renews
automatically at the end of each period.
Rationale: It continues week-to-week,
month-to-month, or year-to-year.
4. How is a tenancy at will
characterized?
Answer: Either party may terminate at
any time.
Rationale: No fixed term or strict rent
schedule is required.
5. What is a tenancy at sufferance?
Answer: A tenant remains after lease
expiration without landlord consent.
, Rationale: The tenant is “holding over”
unlawfully.
6. What is gross lease?
Answer: Tenant pays rent; landlord pays
most operating expenses.
Rationale: Taxes, insurance, and
maintenance are usually included.
7. What is a net lease?
Answer: Tenant pays rent plus some or
all property expenses.
Rationale: Expenses like taxes or
insurance are shifted to tenant.
(Types & Terms)
2026/2027 VERSION
WITH QUESTIONS AND
VERIFIED ANSWERS
100% CORRECT WITH
RATIONALES AND PDF
DOWNLOAD.
1. What is a lease in real estate?
,Answer: A contract granting possession
of property for a specified time in
exchange for rent.
Rationale: A lease transfers the right of
possession, not ownership, from landlord
to tenant.
2. Which type of lease has a fixed start
and end date?
Answer: Estate for years (fixed-term
lease).
Rationale: It runs for a definite period
with a set expiration date.
3. What is a periodic tenancy?
,Answer: A lease that renews
automatically at the end of each period.
Rationale: It continues week-to-week,
month-to-month, or year-to-year.
4. How is a tenancy at will
characterized?
Answer: Either party may terminate at
any time.
Rationale: No fixed term or strict rent
schedule is required.
5. What is a tenancy at sufferance?
Answer: A tenant remains after lease
expiration without landlord consent.
, Rationale: The tenant is “holding over”
unlawfully.
6. What is gross lease?
Answer: Tenant pays rent; landlord pays
most operating expenses.
Rationale: Taxes, insurance, and
maintenance are usually included.
7. What is a net lease?
Answer: Tenant pays rent plus some or
all property expenses.
Rationale: Expenses like taxes or
insurance are shifted to tenant.
