Chapter 11/12 Flashcards
A __________ is both an instrument of conveyance and a contract between principal parties to uphold certain covenants and obligations.
Lease
A leasehold is also called a “____________________”
Less-than-freehold estate
What are the two forms that can be used for temporary leasing arrangements during a real estate sale transaction called?
Seller’s Temporary Lease Agreement and a Buyer’s Temporary Lease Agreement
What is the maximum number of days a Seller’s Temporary Lease Agreement and a Buyer’s Temporary lease be used?
90 days before or 90 days after actual closing date
A lease for a period exceeding ___________ must be in writing and signed by both parties to be enforceable because of the Statute of Frauds.
One year
When tenants are entering into a lease agreement for more than one year and are contemplating an option-to-buy, an “_________________________” form must be given at the onset of negotiations.
Information about Brokerage Services
True or false: The Texas Apartment Association does recommend to those who own multiple-dwelling rental properties that common law states the necessity to disclose to all applicants that a sex-offender lives in the area.
True
Landlords must understand the fair housing laws, along with what they can say and do when selecting tenants. This includes:
1) How the landlord advertises a rental
2) The questions the landlord asks on a rental application or when interviewing potential tenants
3) The screening fee the landlord charges tenants
4) How the landlord deals with tenants who rent from him or her
The ____________________________ outlines design and construction requirements for covered multi-family dwellings for first occupancy after March 13, 1991.
Fair Housing Amendments Act of 1988
The _______________________, commonly referred to as “ADA”, deals with public accommodations and services operated by private entities.
Americans with Disabilities Act of 1990
The term “_______________________” means a building with an elevator and four or more dwelling units. It also means ground floor dwelling units in a building that has four or more dwelling units.
Covered multi-family dwellings
The ___________________________ applies to the public use areas, the common use areas, and the individual apartments at a housing facility, regardless of whether it is privately or publicly owned. This includes housing subsidized by the government or rented through Section 8 voucher assistance.
Fair Housing Amendments Act
What makes a lease a binding contract?
When each party accept the terms of the agreement and communicate their agreement to the other party. However, it’s always a good idea to have this in writing.
The term “_________________” refers to a lessee’s ownership of a temporary right to land or property.
Leasehold estate
The landlord cannot enter the property except under the conditions outlined in the lease agreement, and all other people are not allowed except through tenant invitation. This right to possession by the tenant is sometimes called a __________________.
Leasehold interest
The four basic types of leasehold estates are:
1) Estate for Years
2) Estate from Period to Period (Periodic estate)
3) Estate at Will
4) Estate at Sufferance
An ________________ is a lease that continues for a definite fixed period of time.
Estate for years
Estate for years lease agreements are typically used by _______________________.
Investors and lenders
There are some specific attributes unique with estate for years:
1) It has a definite beginning and ending date.
2) It is not necessary to give notice to the landlord to terminate.
3) There is NO automatic renewal. When this type of lease is over, it’s over.
4) This type of lease is commonly used with commercial leases and some apartment leases.
An _________________________ is more commonly referred to as a periodic tenancy, periodic lease, or month-to-month lease.
estate from period to period
The basic attributes of estate from period to period are:
1) Proper notice is required to terminate - 30 days, 60 days or whatever is agreed to in the lease.
2) There is no definite ending date. This type of lease renews itself for whatever period of time that was called for in the original lease or whatever is agreed upon in the actual lease.
An _____________ has no time limit. The possession is given with permission, but there is no agreement about the rent. The tenant is essentially staying for an indefinite amount of time.
Estate at will or tenancy at will
_________________ is created when a tenant takes legal possession of the property but then remains on the property without the owner’s consent after the lease terminates.
Estate at sufferance
A tenant who doesn’t leave when the lease expires is called a ________________.
Holdover tenant