Ch 19,20,21 Real Estate Brokerage Flashcards
What are the 3 most important words in real estate?
- Location
- Location
- Location
What is a triple net lease?
The tenant pays everything
What is a full service lease?
The land lord pays everthing
What is a modified Lease?
Anything in between a triple net lease and a full service lease.
What are the landlord’s duties to the tenant?
Provide a nice, livable environment for the tenant
What are the tenant’s duties to the land lord?
Pay the rent.
Take care of the property.
How long does it evict a tenant?
Any amount of time. The legal process makes it take forever.
Does the tenant have the right to legally withhold rent from the land lord?
No. The tenant must pay all that they owe to the land lord.
What is a security deposit?
An amount of money prepaid by the tenant to the land lord, that will be refunded if the tenant complies with the contract.
How much should the security deposit be?
More than the monthly rent.
What are the different types of leases?
- Estate for years.
- Period to period
- Estate at will
- Tenancy at sufferance
Define Estate for years.
a leasehold estate for any specific period of time. It is not automatically renewed.
Define period to period lease
Pay by month is an example
Define estate at will
A tenancy agreement where a tenant occupies property with the consent of the owner, but without an agreement that specifies a definite rental period or the regular payment of rent
Define tenancy at sufferance
An agreement in which a property renter is permitted to live in a property after a lease term has expired, but before the landlord demands the tenant vacate the property. If a tenancy at sufferance occurs, the original lease conditions must be met, including the payment of any rents.
