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Explain the difference between risk and uncertainty.
Periodic Tenancy
A rental agreement that continues for successive periods (such as month-to-month or year-to-year) until either the landlord or tenant terminates it.
Leasehold
An interest in real property that grants possession rights to the leasee for a specific period of time but does not convey ownership.
Estate for Years
A fixed-term tenancy agreement in real estate that begins and ends on specific dates.
Fee Simple Defeasible
A type of real estate ownership that is conditional and can be voided if certain conditions are not met or specific events occur.
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