What term describes a contract by which one conveys real estate, equipment, or facilities for a specified term and rent?

What term describes a contract by which one conveys real estate, equipment, or facilities for a specified term and rent?

• A. Mortgage
• B. Lease
• C. Deed
• D. Rent

Answer: (B)

A lease is the contract that conveys the use of real estate, equipment, or facilities for a specified term in exchange for rent. It establishes the landlord-tenant relationship, outlines how long the use is granted, the amount and schedule of rent, and the responsibilities of both parties. This differs from a mortgage, which is a loan used to purchase property and is secured by the property itself; a deed, which is the document that transfers ownership; and rent, which is the payment made, not the formal agreement that grants use.

A lease is the contract that conveys the use of real estate, equipment, or facilities for a specified term in exchange for rent. It establishes the landlord-tenant relationship, outlines how long the use is granted, the amount and schedule of rent, and the responsibilities of both parties. This differs from a mortgage, which is a loan used to purchase property and is secured by the property itself; a deed, which is the document that transfers ownership; and rent, which is the payment made, not the formal agreement that grants use.