Illinois Leasing Agent Practice Exam

What type of rental arrangement is created when a resident signs a lease for a month in Florida?

1. Period to Period

2. Estate for Years

3. Estate at Will

4. Tenancy at Sufferance

The correct answer is: Estate for Years

When a resident signs a lease for a month in Florida, the arrangement created is known as a "Period to Period" tenancy or "Month-to-Month" lease. This type of rental agreement is characterized by its flexibility, allowing either party to terminate the lease with proper notice, typically 30 days, depending on state laws. In this scenario, while the lease does extend for a month, it establishes a recurring cycle in which the lease automatically renews each month until either the landlord or tenant provides notice for termination. This contrasts with other types of arrangements such as an "Estate for Years," which specifies a fixed lease term and does not automatically renew, or "Estate at Will," which allows a tenant to occupy property without a formal lease for no fixed time, typically at the will of either party. "Tenancy at Sufferance" occurs when a tenant remains in possession of the property after their lease has expired without the landlord's consent. Therefore, a lease signed for a month naturally falls under a "Period to Period" rental arrangement, as it creates an ongoing agreement with each month serving as a new rental period.