National Real Estate Practice Exam

Who is considered the landlord in a property lease?

1. Lessee

2. Optionee

3. Lessor

4. Vendee

The correct answer is: Lessor

In a property lease, the landlord is referred to as the lessor. The lessor is the party that grants the right to use and occupy a property for a specified time in exchange for rent. This role is essential within the leasing framework, as the lessor retains ownership of the property while allowing the lessee (the tenant) to enjoy its use under agreed-upon terms. Understanding the terms is key: the lessee is the individual or entity receiving the right to use the property but does not own it. The optionee typically refers to someone who has the right to purchase a property or lease at a future date under specific terms. The vendee is a term often used in sales transactions, referring to the buyer. Hence, in the context of a lease, the lessor stands as the correct designation for the landlord.