12A LEASES

Question 1

TENANT

Answer 1

LESSEE

Question 2

Landlord

Answer 2

Lessor

Question 3

Interest

Answer 3

A right to or share(portion) in something

Question 4

Leasehold Estate

Answer 4

Real Estate interest that gives leaseholder right to possession without conveying title.

Question 5

Title

Answer 5

Actual Lawful ownership of real property and refers to holding the bundle of rights. Conveyed title is not a document, but rather a concept pertaining to ownership-claim.

Question 6

Estate

Answer 6

Possessory interest in real property; either freehold or leasehold

Question 7

Estate For Years

Answer 7

A leasehold estate with a specific expiration date after which it automatically terminates. Can be for any length of time (1day/1yr); is not terminated or invalidated by death of either party or property sale.

Question 8

Periodic Estate

Answer 8

A leasehold estate, which continues for successive equal periods of length until terminated by proper notice from either the less or the lessee. week to week or month-to-month not terminated by death of either party or property sale. 

Question 9

Estate at Will

Answer 9

A leasehold estate that does not have a lease to specify the termination date or rental. Like renting to a family member with no lease agreement and occasional payment. 

Question 10

Tenancy at sufferance

Answer 10

A leasehold estate, which describes possession of property by a tenant who came into possession of the property under a valid lease, but stays on after the lease expires without the landlords permission . if landlord, except rent from a holdover tenant, a month to month periodic tenancy is automatically created. 

Question 11

Four types of leasehold Estates

Answer 11

estate for years/periodic estate/estate at Will/tenancy at sufferance

Question 12

Lease

Answer 12

A contract in which the Lessie pays the less or rent in exchange for possession of real estate. A convenience of a leasehold estate from the fee owner to a tenant.

Question 13

Reversionary interest

Answer 13

Reversion of property to an owner at the end of a lease term.

Question 14

Assignment

Answer 14

The transfer of a lease contract from a Lessee to an assignee.

Question 15

Five types of commercial leases

Answer 15

Net, lease, percentage, lease, land, lease, index lease, graduated lease

Question 16

Percentage lease

Answer 16

Tenant pays a percentage of their gross sales, in addition to a fixed monthly rental payment. May include a reclamation clause, if gross sales fall below a specified point.

Question 17

Land lease

Answer 17

A tenant leases unimproved land on a long-term basis usually with a provision that tenant may construct a building on the property which tenant will own upon completion.

Question 18

Index lease

Answer 18

Rent is tied to a common index indicator, such as a consumer price index that neither landlord nor tenant controls rent increases at the same percentage rate that index increases.

Question 19

Graduated lease

Answer 19

 Step-by-step, rent increases generally paid in installments, usually for long-term leases, which spell out annual rent increases. 

Question 20

Estate for Years

Answer 20

Yearly lease

Question 21

Periodic Estate

Answer 21

Month-to-month, week-to-week lease agreement, a leasehold estate that continues for successive equal periods of time until terminated by proper notice by lessor/lessee.