Chapter 4: Leases and Property Management Flashcards

1
Q

A contract outlining the rights and obligations of landlord/tenant and a conveyance creating a leasehold interest in real property

A

Lease Agreement

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2
Q

Generally concerns only the right to occupy property and lease classified as personal property

A

Leasehold Estate (Interest)

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3
Q

Estate with a definite period of time with a term date specified

A

Estate Tenancy for Years

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4
Q

Estate that automatically renews @ set intervals and requires proper notice to terminate

A

Estate/Tenancy Year to Year

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5
Q

Estate with indefinite period of time, and requires term notice

A

Estate/Tenancy at Will

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6
Q

Possession without landlords consent

A

Estate/Tenancy at Sufferance

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7
Q

If a lessee leases a part of his interest to another

A

Sublease

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8
Q

To let or to lease

A

Demise

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9
Q

Land retains right to possess property after lease term expires

A

Reversionary Estate

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10
Q

Landlord may restrict the use of premises

EX: shopping center lease may restrict one restaurant tenant to seafood only, while restricting another to burgers

A

Restrictive Covenants

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11
Q

Leasee in a commercial/retail space may need to protect agasint competitors in the same complex and will use this clause

A

Protective Covenant

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12
Q

Clause that states lease is subordinate to all present and future mortgages affecting property

A

Subordination Clause

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13
Q

This clause gives leasee the right to purchase leased property @ specific price, for specific time under specific terms and conditions

A

Option Clause

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14
Q

What is a bilateral contract that survives the death of parties and sale of property?

A

Lease

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15
Q

Clause that allows for an up and down adjustment of certain payments

A

Escalator Clause

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16
Q

Real estate/financing technique whereby an owner sells property to an investor or lender, then leases that same property back. Gives the seller or leasee possibly much needed cash while assuring buyer/seller a guaranteed tenant, therefor reduces investment risk

A

Sale Leaseback

17
Q

This type of lease pays a fixed rate rent, and lessor pays taxes, insurance and all other expenses such as maintenance and repairs

A

Gross Lease

18
Q

This is a type of lease where the lessee pays base rent (fixed amount) and also pays a prorated share of taxes, insurance and other specified operating expenses- usually based on % of sq foot leased

A

Net Lease

19
Q

This type of lease usually requires a certain fixed minimum rent to be paid regardless of tenants biz income. Tenant pays % of any biz income that exceeds agreed upon minimum gross income

Base rent + % of sales

A

Percentage Lease

20
Q

This type of lease provides for predetermined rental increases @ specified times, based on changes in Consumer Price Index

A

Graduated Lease

21
Q

An owner leases vacant land to a tenant who the builds his own building. These are usually long term leases

A

Ground Lease

22
Q

This is a written lease with no fixed rent amount and primarily used in cooperatives. Lease is between the corporation (owner) and stockholer (tenant).

A

Proprietary Lease

23
Q

A lease in which rent is adjusted periodically, according to reevaluation of the real estate

A

Revaluation Lease

24
Q

Lease that says nothing about particular issue

A

Silent Lease

25
Q

Ways a lease can be terminated:

A
  1. Expiration
  2. Proper Notice
  3. Destruction or condemnation
  4. AGreement
  5. Abandonment
  6. Breach
26
Q

Any violation of any of the terms or conditions of a contract without legal excuse

A

Breach

27
Q

Landlord institues a suit for possession in effort to obtain a court order removing tenant from premises when theres a breach

A

Actual Eviction

28
Q

If landlords actions or lack thereof renders the leased premises uninhabitable then law may declare that this eviction has occured and teneant has been forced to move out there by terminating lease without liability

A

Constructive Eviction

29
Q

When an owner seeks to regain possession by throwing out 1 who has no legal right to possession

A

Ejectment