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Real Estate > 4. Four (4) Types of Leasehold/Less than Freehold Estates > Flashcards

4. Four (4) Types of Leasehold/Less than Freehold Estates Flashcards

0
Q

ESTATE FOR YEARS

A

A lease for a definite period of time - days, weeks, months, or years
No notice required when lease expires
All people upon the disposition of realty must honor the remaining lease period unless the owner had a life estate

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1
Q

4 Types of Leasehold/Less than Freehold Estates

A

Estate for Years … Estate for Period to Period … Estate at Will …
Estate at Sufferance

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2
Q

ESTATE FOR PERIOD TO PERIOD

A

Lease with an indefinite end date but must specify from what period to what period
Both lessor and lessee must give an identical period of notice to terminate
All people upon the disposition of realty must honor the remaining lease period unless the owner had a life estate

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3
Q

ESTATE AT WILL

A

Lessor consents to tenants staying

Terminates by notice or death of either lessor or lessee

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4
Q

ESTATE AT SUFFERANCE

A

Created when tenant previous owner wrongfully holds over after expiration of leasehold or freehold estate without landlord’s consent

Must involve court to determine rights if tenant previous owner refuses to leave peacefully

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5
Q

Three (3) ways of Transferring Tenant Occupancy Rights

A

Sublet … Assign … Novation

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6
Q

SUBLET

A

> May have to have the permission of the owner
Original lessee becomes sublessor, person who the realty is sublet to is sublessee
Lessee remains liable
also called Sandwich Lease
Sublettee must pay sublettor/lessee who must pay lessor

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7
Q

ASSIGN

A

> May have to have the permission of the owner
Original lessee gives up all rights to assignee
If they fail to fulfill original obligation, original lessee/assignor may be liable

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8
Q

NOVATION

A

> must have permission of the owner
Complete substitution of original lease
original lesee is no longer responsible

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9
Q

Three (3) Ways of Paying Tenant Occupancy Rights

A

Gross … Percentage … Triple Net

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10
Q

GROSS

A

Tenant pays a fixed monthly rent e.g. apartment lease

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11
Q

PERCENTAGE

A

Tenant pays a percentage of gross sales over a period of time plus fixed monthly rent e.g. shopping mall

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12
Q

TRIPLE NET

A

Tenant pays their share of taxes, insurance, and fixed monthly rent e.g. Professional Tenant

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13
Q

Other Terms of a Lease

A

Sale/Leaseback … Escalation Clause … Constructive Eviction …
Actual Eviction … Demise

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14
Q

SALE/LEASE BACK

A

Seller sells then leases the realty back

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15
Q

ESCALATION CLAUSE

A

Allows an increase in rent by a certain index on the realt

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16
Q

CONSTRUCTIVE EVICTION

A

Allows to be broken by the lessee because the realty cannot be safely occupied

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17
Q

ACTUAL EVICTION

A

Lessor involves court to force a lessee to be removed from the realty

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18
Q

DEMISE

A

To lease realty

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19
Q

Property Management … OBJECTIVES

A

> Preserve and enhance realty value
Generate money from realty
Accomplish owner of realty’s objectives

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20
Q

Property Management - COMPENSATION PLANS

A

> Percentage of monthly billed invoices
Percentage of collected billed invoices
Set monthly dollar amount which may or may not include fringe benefits

21
Q

Easements

A

> Right of one to use the land of another
Two (2) types of easements … Gross Easement
Appurtenant Easement

22
Q

Easements - GROSS

A

> Personal interest or right to use land of another
Not inheritable or Assignable
Example: a utility company

23
Q

Easements - APPURTENANT EASEMENT

A

> Remains with the land it is attached to
The dominant tenement is the one using the land of another
The servient tenement is the one allowing the use of their land and is responsible for all costs of the land including taxes
Passes to all grantees and is inheritable

24
Q

Easements - APPURTENANT EASEMENT - two (2) types

A

Easement of Necessity … Easement by Prescription

25
Q

Appurtenant Easement - EASEMENT OF NECESSITY

A

Necessity of ingress (getting into) an degree (getting out of) e.g. landlocked piece of land

26
Q

Appurtenant Easement - EASEMENT BY PRESCRIPTION

A

> Continuous use of land
Set by each state - require a definite period of time
Example: children crossing one’s property on their way to school

27
Q

Three (3) Ways to Legally Reference Realty -

A

Rectangular … Metes and Bounds … Lot and Block System

28
Q

Three (3) Ways to Legally Reference Realty - RECTANGULAR (GOVERNMENT) SURVEY SYSTEM

A

Method of land description based on a checkerboard of townships

29
Q

RECTANGULAR (GOVERNMENT) SURVEY SYSTEM - components

A

Baselines … Range lines … Principal Meridians … Township lines …
Township … Section … Government lot … Correction lines …
Section 16 … Area … Mile … Section

30
Q

Rectangular (Gov) Survey System - BASELINES

A

Main east and west lines, also called tier or township lines

31
Q

Rectangular (Gov) Survey System - RANGE LINES

A

Imaginary lines 6 miles east and west of the meridian running north and south

32
Q

Rectangular (Gov) Survey System - PRINCIPAL MERIDIANS

A

Main north and south lines, also called range lines

33
Q

Rectangular (Gov) Survey System - TOWNSHIP LINES

A

Imaginary lines 6 miles north and south of the baseline running east and west

34
Q

Rectangular (Gov) Survey System - TOWNSHIP

A

A six mile square area containing 36 sections

35
Q

Rectangular (Gov) Survey System - SECTION

A

1 square mile containing 640 square acres. Sections are numbered from the northeast corner of a township and run east and west in a six mile area, drop down and then west to east another six miles till they reach to section 36 in the southeast corner

36
Q

Rectangular (Gov) Survey System - GOVERNMENT LOT

A

Fractional sections of land measuring less than a quarter section

37
Q

Rectangular (Gov) Survey System - CORRECTION LINES

A

Usually on the north end of a check to compensate for the curvature of the earth’s surface

38
Q

Rectangular (Gov) Survey System - SECTION 16

A

Typically reserved for schools

39
Q

Rectangular (Gov) Survey System - ACRE

A

One acre is 43,560 square feet

40
Q

Rectangular (Gov) Survey System - SECTION AREA

A

640 acres in a section

41
Q

Metes and Bounds

A

Method of land description identifying property by distance and direction

42
Q

Metes and Bounds - METES

A

Describes distances

43
Q

Metes and Bounds - BOUNDS

A

Describes direction - Begins at a point of beginning (POB), follows the perimeter, returns to the (POB)

Used extensively in original 13 eastern states and Texas

44
Q

Lot and Block System - components (4)

A

Lot … Block … Plat Map … Topographical Map

45
Q

Lot and Block System - LOT

A

An individual parcel of land intended to be conveyed in its entirety

46
Q

Lot and Block System - BLOCK

A

A group of contiguous lots bounded by streets in a city block

47
Q

Lot and Block System - PLAT MAP

A

An aerial view showing a lot of realty in relation to others in the subdivision

48
Q

Lot and Block System - TOPOGRAPHICAL MAP

A

An aerial view showing elevation of the realty

49
Q

Legal terms to be familiar with - LIENS

A

A claims of money one has against the property of another

All liens are encumbrances but not all encumbrances are liens

50
Q

Legal terms to be familiar with - MECHANICS LIEN

A

Applied by persons making repairs or doing work on the property
Specific to the realty for owner failing to pay the debt
Lien takes affect from the day the work began not finished

51
Q

Legal terms to be familiar with - LACHES

A

Loss of legal rights due to failure to assert them on a timely basis

Real Estate (12 decks)

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