Chapter 12; Leases, Landlord And Tenant. Key Terms Part 2

Question 1

Lessor

Answer 1

This is the owner, landlord.

Question 2

Management agreement

Answer 2

A property managers employment agreement.

Question 3

Net lease

Answer 3

A lease in which tenant pays expenses like property taxes, insurance, and so forth.

Question 4

Percentage lease

Answer 4

A lease in which landlord shares and gross receipts of a tenants business.

Question 5

Periodic estate

Answer 5

A lease with regular rent payments and no stated ending date.

Question 6

Property manager

Answer 6

A person who looks after another as rental real estate.

Question 7

Sublease

Answer 7

An agreement giving tendency to another, original tenant still responsible and liable.

Question 8

Suit for possession

Answer 8

A landlord’s court action to evict a tenant.

Question 9

Summary proceeding

Answer 9

This is another term for disposes proceeding.

Question 10

Tenancy at sufferance

Answer 10

Tenants remain after lease term without landlords consent. Usually the landlord cannot get paid do two tenants hardship/squatters.

Question 11

Tenancy at will

Answer 11

A tendency that may be terminated when landlord wishes.

Question 12

Truth in renting

Answer 12

A state requirements that tenants be notified of their rights.