The President-Elect is the declared winner of the Presidential election before he or she takes office. Between the election and inauguration day, the President-Elect is tasked with preparing his or her cabinet, formulating plans, and cooperating with the current President to achieve a smooth transition of power.
On January 20th of the year after the election, the President-Elect is sworn into office, replacing the previous President. During the ceremony, the President-Elect usually lays his or her hand on a book of importance (such as the Bible) and recites and oath of loyalty to the Constitution administered by the Chief Justice (7).
The 22nd Amendment declares that no person can hold the Presidency for more than two terms in office, consecutively or nonconsecutively. This Amendment was passed in the wake of FDR, who had four terms in office (8).