Question

An exclusive right to occupy and use property on a temporary basis is known as a(n):______.

Answer 1

An exclusive right to occupy and use property on a temporary basis is known as a(n) leasehold

What is leasehold?

A leasehold is an accounting term for a leased property. Content is usually real estate such as a building or the space inside a building. The lessee contracts with the lessor  the right to use the property in exchange for a series of  payments over the term of the lease. Renting space in an office building for a business or renting a building  for a retail store are two examples of  commercial leases.

A tenancy agreement shall set forth the terms of the agreement between the tenant (tenant) and the lessor (landlord or lessor). Contracts for commercial properties, such as space in an office building, are often complex agreements that specify landlord's liability, tenant's liability, security deposit, breach of contract terms and lease ownership improvement waivers.

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