Chapter 12: Leases - Lanlord and Tenant

Question 1

A leasehold estate (tenants’ right to occupy land is called a leasehold estate), that continues for a specified period with a specific termination date. Need not necessarily last for years or even one year. e.g. for six weeks or for ten months. This is an ___ __ __.

Answer 1

Estate for years

Question 2

A transfer of property by a will or a lease is called a ___.

Answer 2

Demise

Question 3

This Act was passed in 1990 and went into effect in 1992. and mandates certain adaptations of real estate to accommodate various disabilities.

Answer 3

Americans with Disabilities Act

Property managers should also be familiar with Title III , which prohibits discrimination in commercial buildings. Managers must ensure that people with disabilities have full and equal access to facilities and services. Property managers must also prepare to execute a plan for restructuring and retrofitting a building that is not in compliance. to protect owners of extensive remodeling the ADA recommends reasonable achievable accommodations. New construction and remodeling however must meet the higher standards. typical examples of reasonable achievable modifications include ramping and removing otherwise obstacles, Lowering mounted telephones, installing auditory signals in elevators, and reversing the direction in which doors open.

Question 4

The agreement creates an agency agreement between the owner a the property manager. generally considered a general agent whereas most brokers serve as special agents. Should cover; Description of the property, time period, management’s responsibilities, the extent of authority, reporting, management fee, and allocation of costs this is a ___ ___.

Answer 4

Management Agreement

Question 5

An estate that gives the tenant the right to possess with the consent of the landlord for an indefinite period is a Tenancy at ___. The term this type of tenancy is indefinite, but the estate may be terminated by giving three months’ notice. An estate at will is automatically terminated by the death of either the landlord or the tenant.

Answer 5

Tenancy at Will

Question 6

Claimed by a tenant when services for human habitation such as heat, electricity, or water become uninhabitable, this is a ___ eviction

Answer 6

Constructive eviction

Question 7

An interest in leased property that continues from period to period–week to week, month to month or year to year is a ___ estate. New Jersey requires one month’s written notice before the date the rent is due.

Answer 7

Periodic estate

Question 8

Institute of Real Estate Management (IREM) was founded in 1933 and is part of the NAR. Members may earn the designation (CPM) which stands for ___ ___ ___.

Answer 8

Certified property manager

Question 9

Landlord’s responsibility for decent living conditions is an ___ ___ of ___.

Answer 9

Implied Warranty of Habitability

Question 10

An owner who transfers rights under a lease is the ____.

Answer 10

Lessor

Question 11

Provides that in addition to the rent, the tenant also pays some of or all of the property charges. Leases for entire commercial or industrial or industrial buildings and the land on which they are located, ground leased and long-term leases, these are ___ leases. Triple ___ means the tenant pays taxes, insurance, and all other expenses except debt services.

Answer 11

Net/Net lease

Question 12

___ lease provides the rental be based on a percentage received by the tenant doing business on the leased property. Commonly found in shopping malls.

Answer 12

Percentage lease

Question 13

See suit for possession also known as a ___ proceeding.

Answer 13

Summary proceeding

Question 14

___ ___ is someone who preserves the value of an investment property while generating income as an agent for the owners. Acts a manager (general agent for the owner) of property pursuant to a management agreement. Secures suitable tenants, collects rents, cares for the premise, budgeting and controlling expenses, hiring and supervising employees, and keeping proper books and records, and making periodic reports.

Answer 14

Property Manager

Question 15

Tenant is reffered to as a ___.

Answer 15

Lessee

Question 16

The tenant’s obligation is to pay fixed rent. The landlord pays all taxes, insurance, mortgage payments, repairs, and property charges, this is a ___ lease.

Answer 16

Gross lease

Question 17

The New Jersey Department of Community Affairs publishes an annual updated statement on the rights and duties of residential landlords and tenants. Included in the procedures are eviction, building maintenance requirements, and rent and lease provisions. Landlords must give a copy to every tenant and post a copy on the property. applies to residential property, including mobile homes, but not to commercial real estate. Exceptions include transient tenants with terms of less than one month and those in single-family or two-family houses (three if the landlord lives in one). This document is known as ___-__-___.

Answer 17

Truth-in-Renting

Question 18

An action whereby a defaulted tenant is physically ousted from rental property pursuant to a court order is an ___ eviction.

Answer 18

Actual eviction

Question 19

Assignment of a lease knows as a ___. The person has a sandwich lease and is in the middle position without occupying the property. The original tenant is still responsible for seeing that the rent is paid.

Answer 19

Sublease

Question 20

A ___ transfers the right to possession and use of the owner’s property to the tenant for a specified period of time. the agreement sets forth the length of time the contract will run, the amount to be paid by the lessee for the right to use the property, and the other rights and obligations of the parties. The New Jersey Statute of Frauds requires all leases for more than a period of three years to be in writing. a lease may be recorded if it is for two years or more.

Answer 20

Lease

Question 21

When a landowner leases their land to a tenant who agrees to erect a building on it. Such a lease must be long enough term so that the investor to make the transaction desirable. These leases are usually net leases and can run for terms of 50 years or longer this is a ___ lease.

Answer 21

Ground lease

Question 22

When a tenant breaches a lease or improperly retains possession the landlord may regain possession through a ___ __ ___ or summary proceeding (eviction) to regain possession of the real estate. Law requires the owner to serve notice on the tenant before commencing the suit, except in a suit based on nonpayment of rent. Can also be referred a dispossess proceeding.

Answer 22

Suit for possession

Question 23

When a tenant who lawfully came into possession of real property continues, after his or her rights have expired, to hold in possession the premises without the consent of the landlord is a Tenancy of ___. A tenant at this point can be evicted at any time.

Answer 23

Tennacy at sufferance

Question 24

When no new lease agreement has been made, the landlord may either evict the tenant or accept the ___ Tenancy. A New Jersey tenant who remains in possession after giving notice may be held liable for double rent.

Answer 24

Holdover Tenancy

Question 25

The transfer in writing of interest in a contract, mortgage, lease, or other instruments is known as an ______?

Answer 25

Assignment