3 - Ch 50

Question 1

lease

Answer 1

an agreement between the owner of property and a tenant by which the former agrees to give possession of the property to the latter in consideration of the payment of rent

Question 2

lessor

Answer 2

one who conveys real or personal property by a lease; a landlord

Question 3

landlord

Answer 3

one who leases real property to another

Question 4

lessee

Answer 4

one who has a possessory interest in real or personal property under a lease; a tenant

Question 5

tenant

Answer 5

one who holds or possesses real property by any kind of right or title; one who pays rent for the temporary use and occupation of another’s real property under a lease

Question 6

bailment

Answer 6

the relationship that exists when personal property is delivered into the possession of another under an agreement, express of implied, that the identical property will be returned or will be delivered in accordance with the agreement

Question 7

tenancy for years

Answer 7

a tenancy for a fixed period of time, even though the time is less than a year

Question 8

periodic tenancy

Answer 8

a tenancy that continues indefinitely for a specified rental period until terminated; often called a month-to-month tenancy

Question 9

tenancy at will

Answer 9

the holding of land for an indefinite period that may be terminated at any time by the landlord or by the landlord and tenant acting together

Question 10

tenancy at sufferance

Answer 10

a lease arrangement in which the tenant occupies the property at the discretion of the landlord

Question 11

possession

Answer 11

exclusive dominion and control of property

Question 12

covenant of quiet enjoyment

Answer 12

a covenant by the grantor of an interest in land to not disturb grantee’s possession of the land

Question 13

constructive eviction

Answer 13

an act or omission of the landlord that substantially deprives the tenant of the use and enjoyment of the premises

Question 14

sublessee

Answer 14

a subtenant, for a period of less than the term of the original lease

Question 15

escalation clause

Answer 15

provision for the automatic increase of the rent at periodic intervals

Question 16

warranty of habitability

Answer 16

an implied warranty that the lease property is fit for dwelling by tenants

Question 17

forcible entry and detainer

Answer 17

an action by the landlord to have the tenant removed for nonpayment of rent

Question 18

reversionary interest

Answer 18

the interest that a lessor has in property that is subject to an outstanding lease

Question 19

judicial sale

Answer 19

a sale made under order of court by an officer appointed to make the sale or by an officer having such authority as incident to the office, also called an execution sale. The sale may have the effect of divesting liens on the property

Question 20

assignment

Answer 20

transfer of right. generally used in connection with personal property rights, as rights under a contract, commercial paper, an insurance policy, a mortgage, or a lease

Question 21

sublease

Answer 21

a transfer of the premises by the lessee to a third person, the sublessee or subtenant, for a period of less than the term of the original lease