When a Tenant Remains in Possession After the Termination of the Lease

question 12

Multiple Choice

When a tenant remains in possession after the termination of the lease without permission of the landlord,the landlord may treat the tenant as either a trespasser or a tenant.Until the landlord elects to do one or the other,a tenancy __________ exists.

• A) at sufferance
• B) at will
• C) for years
• D) from year to year

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a company's assets over time.

Trade-In Allowance

The amount deducted from the price of a new item for trading in something old.

Double-Declining Balance Method

An accelerated depreciation method that doubles the normal depreciation rate, reducing the asset's book value more quickly.

Depreciable Cost

The total cost of an asset that is subject to depreciation, typically considering its purchase price less any salvage value.