Which type of tenancy is characterized by automatic renewal for the same term?

Study for the ASU REA380 Real Estate Fundamentals Exam. Use flashcards, multiple choice questions, and get hints and explanations for each question. Prepare thoroughly for your exam!

The type of tenancy characterized by automatic renewal for the same term is periodic tenancy. This arrangement occurs when a lease or rental agreement is established for a specific period, such as weekly, monthly, or yearly, and automatically renews at the end of each term unless either party provides notice to terminate the lease. This cycle continues indefinitely until proper notice is given.

In contrast, a tenancy for years has a fixed duration that does not renew automatically. It concludes upon reaching the specified end date without the need for a notice to terminate. Remainder tenancy is related to estate planning and involves the future interest that exists after a life estate ends, which does not pertain to tenancy arrangements. A leasehold estate represents the tenant's interest in the property but does not specifically pertain to renewal terms. Therefore, periodic tenancy is the correct answer as it embodies the concept of automatic renewal.

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