What does the term "lease termination" refer to in property management?

The term "lease termination" refers to the conclusion of a lease agreement by various means. This encompasses a wide range of scenarios including natural expiration of a lease term, voluntary termination by the tenant or landlord, and termination due to breaches of contract, such as nonpayment or violation of lease terms. Understanding that lease termination can occur in multiple ways is crucial for property managers, as it enables them to navigate the complexities of landlord-tenant relationships and ensure compliance with legal requirements.

The other choices narrow the concept of lease termination to specific instances, such as a tenant's voluntary request or consequences like late payments, which do not capture the broader definition of lease termination within property management. Additionally, renewing a lease is the opposite of termination, as it involves extending the existing agreement rather than concluding it. Thus, the comprehensive scope of the correct option includes all potential scenarios where a lease may come to an end.