Illinois Leasing Agent Practice Exam

The correct answer is "Estate for Years." In the context of leasing, an "Estate for Years" refers to a rental agreement that has a definite start date and a definite end date, regardless of how long that duration is, including leases that might be as brief as one month. When a resident signs a lease for a specific duration, such as one month, it establishes a clear period during which the tenant has the right to occupy the property, which fits the definition of an Estate for Years.

This type of lease agreement clearly defines the terms of occupancy for the set period, making it distinct from other arrangements that might not have defined time limits or conditions. For example, "Estate at Will" typically refers to a more informal arrangement without a specific time frame, meaning the agreement can be terminated at any time by either party. Therefore, it does not apply to a lease that has a defined term like one month.

Understanding these distinctions is crucial in identifying the type of rental agreement based on the specifics of the lease provided.