Chapter 20 Flashcards
Certified Property Manager (CPT)
A designation awarded to those who have taken required courses in property management.
Constructive Eviction
Breach of the covenant warranting quiet enjoyment in a lease; when a landlord performs an act depriving the tenant of quiet enjoyment of the premises thereby causing the tenant to move.
Demise
A conveyance of an estate to another for life, for years, or at will; to lease; “the demised premises”.
Escalation Clause
A clause in a contract permitting an adjustment of certain payments up or down to cover certain contingencies; mostly found in agreements of sale, mortgages and leases.
Estate for Years
A lease; an interest in land by virtue of a contract for the possession for a definite and limited period of time.
Gross Lease
A lease of property in which the lessor meets all property charges incurred through ownership.
Ground Lease
A lease for the use of the land, usually providing for improvements to be placed on the land by the user.
Holdover Tenant
A tenant who remains in possession of a property after expiration of lease term.
Institute of Real Estate Management (IREM)
An organization acting as an exchange for management ideas, and recognizing achievement in the field. Has a Code of Ethics for real estate managers.
Lease
A contract whereby the lawful owner of the property transfers his rights of use and possession to another for a specified term.
Net Lease
A lease in which the tenant pays rent for occupancy, plus maintenance and operation expenses, and usually including taxes and insurance.
Notice to Quit
Notice to a tenant to vacate.
Percentage Lease
A lease of property in which the rental is based upon the volume of gross sales made on the leased premises.
Periodic Tenancy
A lease running from period to period, such as week-to-week, or month-to-month.
Step-Up Lease
A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; graduated lease, graded lease.
Sublease
A lease given by a lessee for a portion of the unexpired balance of his term.
Summary Possession
When for a good reason a landlord may terminate a lease and the tenant must appear and show cause why he should not be evicted. Also called Dispossess Proceeding or Unlawful Detainer.
Surrender
The cancellation of a lease by an act of mutual consent of lessor and lessee.
Tenancy at Sufferance
A tenancy arising when the tenant wrongfully holds over after the expiration of his term. The landlord has the choice of evicting the tenant or accepting him for a similar term and under the conditions of the previous holding.
Tenancy at Will
Possession and occupancy of land terminable at the will of either party.
Waste
Improper use or damage by one in possession, such as a tenant or vendee.
