Chapter 7 Flashcards
assignment
transfer of a tenant’s
entire interest in a leased
property to another party,
known as an assignee.
constructive
eviction
When a landlord’s actions or
failure to act materially
interfere with a tenant’s
beneficial use and enjoyment
of the leased property,
leading the tenant to vacate
the premises
default
Failure to fulfill the
obligations or terms of a
lease agreement
gross
lease
lease agreement where the
tenant pays a fixed rental
amount, and the landlord is
responsible for all property
expenses, including taxes,
insurance, and maintenance
ground
lease
long-term lease of land
where the tenant (lessee) has
the right to use the land for a
specific purpose, such as
building and operating a
structure, while the
landowner (lessor) retains
ownership of the land
lease
term
The duration for which a
lease agreement is valid and
in effect
leased fee
estate
he property owner’s interest
in a property leased to
another party, entitling them
to receive rental payments
leasehold
estate
The tenant’s right to possess
and use a property under a
lease agreement for a
specific period.
lessee
The person or entity that
rents or leases property from
a lessor.
lessor
The person or entity that
owns a property and grants
another party the right to use
it through a lease agreement
net lease
lease agreement where the
tenant pays a base rent plus
additional expenses such as
property taxes, insurance,
and maintenance costs
percentage
lease
lease agreement
commonly used in
commercial real estate
where the tenant pays a base
rent plus a percentage of
their gross sales.
specific
performance
legal remedy where a
court orders a party to
perform a specific action as
outlined in a contract, such
as fulfilling the terms of a
lease agreement.
subletting
tenant rents out all or
part of their leased property
to another party, known as a
subtenant, while still
retaining some interest in the
property.
Uniform
Residential
Landlord and
Tenant Act
model law that
standardizes the rights and
responsibilities of landlords
and tenants in residential
rental properties, aiming to
protect both parties and
promote fairness in landlord-
tenant relationships.
leased fee estate
A lease agreement commonly used in commercial real estate where the tenant pays a base rent plus a percentage of their gross sales.
percentage lease
The property owner’s interest in a property leased to another party, entitling them to receive rental payments.
What is one important difference between a sublease and a lease assignment?
In a sublease, the original tenant retains primary responsibility for performance of the original lease contract
When an owner leases her property, she temporarily relinquishes the right to
occupy the property
An owner leases a property to a business in exchange for rent. The tenant is required to pay all operating expenses as well. This is an example of a
net lease
Under the Uniform Residential Landlord and Tenant Act, if a lease does not state a clear expiration date, the lease is regarded as
a tenancy from period-to-period
Among a landlord’s primary obligations in a lease is
providing required building support and services
A landlord generally has the right to enter the leased premises
for specified reasonable purposes
A tenant transfers a portion of the leasehold interest to another party. The document that accomplishes this transfer is a(n)
sublease
Which of the following happens when a leased property is sold?
The buyer acquires title subject to the lease
A tenant vacates the premises and declares the lease canceled because the landlord has made the premises uninhabitable
constructive eviction
The type of lease in which the tenant pays rent based on income generated at the leased premises is a(n)
percentage lease
