Asked by Heidi Clark on May 20, 2024
Verified
A leasehold is like a bailment in that it permits the tenant to have a possessory but not an ownership interest in the landlord's estate.
Leasehold
An interest or estate in real property granting possession to the lessee (or tenant) for a certain predefined period, under a lease agreement.
Bailment
Bailment is a legal relationship in which physical possession of personal property is transferred from one party to another, with the understanding that the property will be returned.
Possessory
Related to or concerned with the possession of property or assets, often within legal contexts.
- Acquire knowledge about the attributes and ramifications of diverse real estate ownership and leasehold estates.
Verified Answer
SM
Sevin MaahesMay 25, 2024
Final Answer :
True
Explanation :
Both a leasehold and a bailment involve granting possessory interests without transferring ownership. In a leasehold, the tenant has the right to possess and use the property for a specified period, while in a bailment, temporary possession of personal property is transferred for a specific purpose, but in both cases, the ownership remains with the original owner.
Learning Objectives
- Acquire knowledge about the attributes and ramifications of diverse real estate ownership and leasehold estates.