Ace the National Real Estate Exam 2025 – Unlock Your Property Success!

In a lease agreement, the landlord is identified as the lessor. The term "lessor" refers to the party that grants the lease to another person, allowing them to occupy and use the property for a specified period in exchange for payment, typically rent. The lessor retains ownership of the property while providing the lessee (the tenant) the right to use it under the terms of the lease.

This distinction is important, as understanding the roles within a lease agreement helps clarify the rights and responsibilities of each party involved. The lessor is responsible for maintaining the property and ensuring it is suitable for the lessee's use, whereas the lessee is obligated to pay rent and adhere to any conditions stated within the lease. Other terms such as "vendee" and "grantee" refer to different contexts in real estate, such as in sales transactions or in the transfer of ownership, which do not apply to the landlord-tenant relationship defined by a lease.