Chapter 6-Landlord and Tenant

Question 1

Assignment

Answer 1

Is a transfer of the entire lease

Question 2

Contract Rent

Answer 2

the payment designated in a lease contract, at the time the lease is signed, for the use of the property

Question 3

Economic Rent

Answer 3

the amount of rent a property might be expected to yield if it were available for lease in the current market

Question 4

Estate at Sufferance

Answer 4

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

Question 5

Estate at Will

Answer 5

can be terminated at the will of either the lessor or the lessee and has no fixed duration period
Tenancy at will – uncommon

Question 6

Estate from Period-to-Period

Answer 6

periodic tenancy that continues from year-to-year, month-to-month, week-to-week, or from any other designated period-to-period

Question 7

Eviction Process

Answer 7

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

Question 8

Ground Lease

Answer 8

for the exclusive use and possession of a specific parcel of land

Question 9

Landlord

Answer 9

the owner of the property being rented or leased (Lessor

Question 10

Lease

Answer 10

a contract for a set time, typically one year or longer

Question 11

Lease-Purchase Option

Answer 11

exists only when a tenant leases a property with the option to purchase it at some later date

Question 12

Lessee

Answer 12

tenant

Question 13

Lessor

Answer 13

owner

Question 14

Net Lease

Answer 14

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

Question 15

Percentage Lease

Answer 15

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

Question 16

Rent

Answer 16

the amount of money paid for the use of a property

Question 17

Rent Control

Answer 17

Government regulation of the amount of rent a landlord may charge tenants.
Commercial, industrial, and luxury rentals are generally exempt from rent control

Question 18

Rental Agreement

Answer 18

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

Question 19

Sale-Leaseback

Answer 19

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

Question 20

Sandwich Lease

Answer 20

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.

Question 21

Sublease

Answer 21

a transfer of less than the entire time or space of the lease.
lessee is still obligated for the original lease

Question 22

Surrender

Answer 22

when a tenant voluntarily gives up a lease before the expiration of its term

Question 23

Tenant

Answer 23

the person or persons renting or leasing the property (lessee)

Question 24

Unlawful Detainer

Answer 24

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

Question 25

Writ of Possession

Answer 25

a court order directing the sheriff to remove the tenant from the premises within five days of an eviction notice

Question 26

Estate for Years

Answer 26

an agreement, in advance, between a lessee and a lessor for use of a property for a fixed (predetermined) period of time

Question 27

Reversionary Right

Answer 27

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