Alabama Real Estate Practice Exam

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What is a periodic tenancy?

A lease without a specific end date but for a specific period
A lease that lasts for exactly one year
Ownership that cannot change hands
A life estate that reverts to grantor after death

The correct answer is: A lease without a specific end date but for a specific period

A periodic tenancy is a type of lease that does not have a specific end date but does have a specific period of time, such as a week, month, or year. This means that the lease will automatically renew at the end of each period unless one of the parties gives notice to terminate the lease. Option B is incorrect because a lease that lasts for exactly one year would not be considered a periodic tenancy. Option C is incorrect because ownership refers to an individual's legal rights to a property, rather than a lease agreement. Option D is incorrect because a life estate is a type of ownership where ownership reverts to the grantor after the death of the owner, and it is not related to a lease agreement.