Certified Pennsylvania Evaluator Practice Exam

Who is the individual that holds the property title and conveys rights under a lease?

1. Tenant

2. Lessee

3. Lessor

4. Mortgagee

The correct answer is: Lessor

The individual who holds the property title and conveys rights under a lease is the lessor. The lessor is the property owner who grants the lease to another party, allowing that party to use the property for a specified period in exchange for rent or other considerations. This relationship is fundamental in real estate transactions, as the lessor retains ownership of the property while providing the lessee (the tenant) the right to occupy and use the space as outlined in the lease agreement. In a lease, the lessor establishes the terms of the agreement, including duration, rental price, and any restrictions on the use of the property. This shows the critical role of the lessor in shaping the leasing arrangement and ensuring compliance with legal standards. The other terms in the options have distinct meanings; for instance, the tenant and lessee typically refer to the same party—the one who occupies the property and pays rent. Meanwhile, a mortgagee refers to a lender in a mortgage agreement and does not play a role in lease agreements. Thus, understanding the roles of these parties highlights the unique function of the lessor in property management and leasing.