Chapter 19 - Leases Flashcards
The result of legal action, originated by a lessor, whereby a defaulted tenant is physically ousted from the rented property pursuant to a court order.
actual eviction
Actions of the landlord that so materially disturb or impair a tenant’s enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.
constructive eviction
A leased interest in property for a certain, exact period of time and for a specified consideration.
estate for years
An interest in leased property that continues from period to period - week to week, month to month, or year to year.
estate from period to period or periodic estate
A court suit initiated by a landlord to evict a tenant from a leased premises after the tenant has breached one of the terms of the lease or has held possession of the property after the lease’s expiration.
forcible detainer suit
A lease of property under which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases.
gross lease
A lease of land only, on which the tenant usually owns a building or is required to build his own building as specified in the lease. Such leases are usually long-term leases.
ground lease
A law that imposes a duty on the landlord to make the leased premises habitable and ready for occupancy and to main them in a state of repair throughout the term of the lease.
habitability statute
A tenancy whereby a lessee retains possession of leased property after the lease has expired by the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy.
holdover tenancy
A written or oral contract between a landlord (the lessor) and the tenant (the lessee) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent).
lease
A tenant’s right to occupy real estate during the term of a lease; generally considered a personal property interest.
leasehold estate
To take reasonable steps to reduce or eliminate the amount of damages to be incurred by another party. For example, a landlord has a duty to find a replacement tenant for space vacated in breach of a lease.
mitigate damages
A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written), a tenancy is generally considered to be month to month.
month-to-month tenancy
A lease requiring that the tenant pay not only rent but also all costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.
net lease
A lease, commonly used for retail property, whose rental is based on the tenant’s sales at the premises; it generally stipulates a base monthly rental plus a percentage of any gross sales above a certain amount.
percentage lease
An interest in leased property that continues from period to period - week to week, month to month, or year to year.
periodic estate
An owner’s right to regain possession of leased property on termination of the lease agreement.
reversionary right
A payment by a tenant, held by the landlord during the lease term and kept (wholly or partially) on default or destruction of the premises by the tenant.
security deposit
The leasing of premises by a lessee to a third party for part of the lessee’s remaining term. Contrast with assignment.
sublease
A court suit initiated by a landlord to evict a tenant from a leased premises after the tenant has breached one of the terms of the lease or has held possession of the property after the lease’s expiration.
suit for possession or forcible detainer
The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after lease rights have expired.
tenancy at sufferance
An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.
tenancy at will
A court order authorizing a sheriff to return leased premises to the owner following an eviction suit, pursuant to the judgment for possession.
writ of possession
The legal process to oust a person from possession of real estate.
eviction
