Which of the following statements is true regarding 'Tenancy of Years' leases?

A 'Tenancy of Years' lease is characterized by having a fixed term that is explicitly defined in the lease agreement. This could be for any predetermined length of time, such as six months, one year, or several years. The essential aspect of a 'Tenancy of Years' is that it does not automatically renew upon expiration; instead, it ends on a specific date unless both parties agree to enter into a new lease. This clear endpoint distinguishes this type of lease from others, such as periodic tenancies, which do include automatic renewals, often on a month-to-month basis.

Because there is no automatic renewal and the lease has a set duration, this makes it straightforward for both the landlord and tenant to understand their rights and responsibilities during the lease term, as well as what happens once the lease ends. The lease typically requires that if either party wishes to continue the arrangement after the term, negotiations for a new lease must take place.

This clarity regarding the set period is crucial in real estate transactions and tenant-landlord relationships in Colorado and aligns with the standard definitions in real estate law.