Here is a test question that only makes sense if you are knowledgeable about real estate terminology.
A lease for two weeks of a vacation cottage is:
1. a periodic estate
2. an estate for years
Fixed Period of Time
Most people would probably assume that since the question above asks about a 2 week rental, that the correct answer cannot be an estate for years. Most people select answer number 1, a periodic estate, when in fact number 2 is the correct answer!
An estate for years is a misleading term. It actually refers to the fact that the lease is for a fixed term or a specific period of time. The fixed term or the time specified in the lease can be any amount of time.
Therefore an estate for years is actually a lease which specifies any fixed term time period.
