Chapter 6-Landlord and Tenant Flashcards
Assignment
Is a transfer of the entire lease
Contract Rent
the payment designated in a lease contract, at the time the lease is signed, for the use of the property
Economic Rent
the amount of rent a property might be expected to yield if it were available for lease in the current market
Estate at Sufferance
occurs when a lessee, who has rightfully come into possession of the land, retains possession after the expiration of his or her term. The tenant does not leave after expiration of the lease
Estate at Will
can be terminated at the will of either the lessor or the lessee and has no fixed duration period
Tenancy at will – uncommon
Estate from Period-to-Period
periodic tenancy that continues from year-to-year, month-to-month, week-to-week, or from any other designated period-to-period
Eviction Process
Legal process of removing a tenant because there is breach of the lease or rental agreement.
3 days- Three-day notice to pay rent or quit
5 days- unlawful detainer
5 days- writ of possession
Ground Lease
for the exclusive use and possession of a specific parcel of land
Landlord
the owner of the property being rented or leased (Lessor
Lease
a contract for a set time, typically one year or longer
Lease-Purchase Option
exists only when a tenant leases a property with the option to purchase it at some later date
Lessee
tenant
Lessor
owner
Net Lease
one where the lessee pays the property taxes, insurance, and other operating costs in addition to rental payments and is commonly used for stores.
Income property
Percentage Lease
a commercial (retail sales) lease in which the lessee pays, or may pay a certain percentage of the monthly gross sales to the lessor Retail Sales Property
Rent
the amount of money paid for the use of a property
Rent Control
Government regulation of the amount of rent a landlord may charge tenants.
Commercial, industrial, and luxury rentals are generally exempt from rent control
Rental Agreement
different in that it is usually made on a monthly basis and is renewable at the end of each period (week-to-week, month-to-month, or any period-to-period up to one year)
Principles are same as that of a lease
Sale-Leaseback
occurs when an owner sells his or her property to another party and leases it back for a stated period of time; the original owner becomes the lessee.
Also a financing device, but is mostly used for commercial buildings
Sandwich Lease
When a lessee or sublessee subleases a property, he or she holds a sandwich lease
a leasehold interest in a property that lies between the primary (ownership) interest and the operating (tenancy) interest.
Sublease
a transfer of less than the entire time or space of the lease.
lessee is still obligated for the original lease
Surrender
when a tenant voluntarily gives up a lease before the expiration of its term
Tenant
the person or persons renting or leasing the property (lessee)
Unlawful Detainer
a legal action in which a complaint is filed with the court asserting charges against the tenant. After it is served, tenant has five days to surrender possession or answer the complaint
Writ of Possession
a court order directing the sheriff to remove the tenant from the premises within five days of an eviction notice
Estate for Years
an agreement, in advance, between a lessee and a lessor for use of a property for a fixed (predetermined) period of time
Reversionary Right
means the landlord grants the tenant the right to occupy (possess) the property, but retains the right to retake possession after the lease or rental term has expired
