[vc_row][vc_column][vc_column_text]Here is a test question that only makes sense if you are knowledgeable about real estate terminology.[/vc_column_text][vc_single_image image=”803″ img_size=”full”][vc_column_text]A lease for two weeks of a vacation cottage is:
1. a periodic estate
2. an estate for years[/vc_column_text][vc_column_text]
Fixed Period of Time
[/vc_column_text][vc_single_image image=”561″ img_size=”full”][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row]