Leasing and Property Management Practice Question

Question

A property manager is preparing a written response involving estate for years. The parties need a practical answer before moving forward. Which answer best applies the rule? (Item 61)

Answer choices

1. A. Identify a leasehold with a definite beginning and ending date.
2. B. It is controlled only by local custom rather than by law, contract, or professional duty.
3. C. It is valid only when the buyer pays cash and no lender is involved.
4. D. It prevents any later disclosure, even when new facts become known.

Correct Answer

A. Identify a leasehold with a definite beginning and ending date.

Explanation

The correct answer is A because estate for years requires candidates to identify a leasehold with a definite beginning and ending date. The other options overstate the effect of custom, oral agreement, escrow, or independent salesperson action and do not reflect safe California exam practice.

Question details

• Difficulty: easy
• Domain: Leasing and Property Management
• Objective: estate for years

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