Chapter 6 - Landlord and Tenant; Lessor and Lessee Flashcards
A ____ agreement is different from a lease in that it is usually made on a monthly basis (but really any period up to a year) and is renewable at the end of each period.
rental agreement
A chattel real is a _______ property estate, such as a lease.
personal property
The owner has reversionary interest, which means that he or she can regain possession t the ___ of the leasehold period.
end of the leasehold
A conveyance of an estate in real property, such as a lease, to someone for a certain length of time is called a ______.
demise
If the lease period is longer than one year from the date of the signing, it must be in ______ and signed by the ______.
writing and signed by the lesoor
Leases required LAND:
Length or duration
Amount of rent
Names of parties
Description of property
The maximum rental agreement security deposits for a residential property (in addition to first month’s rent) is ____ months’ rent for an unfurnished property and _____ months’ rent for a furnished property.
2 months and 3 months
A _______ lease is a leasehold interest in a property that lies between the primary (ownership) interest and the operating (tenancy) interest. They’re essential tenant and landlord in a way.
sandwich lease
When the buyer takes possession prior to transferring title, the document he/she would shave the buyer and sell execute is called an “ _____ __________ ___________”
Interim occupancy agreement
______ is the legal process of removing a tenant because there is a breach of the lease or rental agreement.
Eviction; Three-day notice to pay rent or quit (eviction notice).
A ___________ lease provides for a varying rental rate. It is often based upon future determination, such as periodic appraisals.
graduated lease
With a ______ lease, the lessee pays only a rental fee.
gross lease
In a ___ lease the lessee pays the property taxes, insurance and other operating costs in addition to rental payments.
net lease
What’s a triple net lease?
property taxes
fire and hazard insurance
and assessments or other operating expenses.
Who is a property manager?
Is a licensed real estate person who is paid to oversee the proper management and operations of rental and commercial property.
