3 - Ch 50 Flashcards
lease
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
lessor
one who conveys real or personal property by a lease; a landlord
landlord
one who leases real property to another
lessee
one who has a possessory interest in real or personal property under a lease; a tenant
tenant
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
bailment
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
tenancy for years
a tenancy for a fixed period of time, even though the time is less than a year
periodic tenancy
a tenancy that continues indefinitely for a specified rental period until terminated; often called a month-to-month tenancy
tenancy at will
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
tenancy at sufferance
a lease arrangement in which the tenant occupies the property at the discretion of the landlord
possession
exclusive dominion and control of property
covenant of quiet enjoyment
a covenant by the grantor of an interest in land to not disturb grantee’s possession of the land
constructive eviction
an act or omission of the landlord that substantially deprives the tenant of the use and enjoyment of the premises
sublessee
a subtenant, for a period of less than the term of the original lease
escalation clause
provision for the automatic increase of the rent at periodic intervals
warranty of habitability
an implied warranty that the lease property is fit for dwelling by tenants
forcible entry and detainer
an action by the landlord to have the tenant removed for nonpayment of rent
reversionary interest
the interest that a lessor has in property that is subject to an outstanding lease
judicial sale
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
assignment
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
sublease
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
