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Principles of Real Estate > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

The act of passing all of one’s rights and responsibilities under a legal agreement to a third party

A

Assignment

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2
Q

Costs of maintaining the common areas of a commercial property that are typically passed through to tenants

A

Common Area Maintenance Fees

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3
Q

An assurance made by the grantor that no other party will disturb the grantee claiming to own the property or to have a lien on it; a promise from the lessor that the tenant has the right of exclusive possession of the property during the term of the lease

A

Covenant of Quiet Enjoyment

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4
Q

A limit on the amount of operating costs to be borne by the landlord in a commercial lease agreement

A

Expense Stop

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5
Q

A lease that stipulates that the rent will be adjusted periodically as the value of the building changes, as determined by an appraisal

A

Reappraisal Lease

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6
Q

A clause in a lease agreement that defines the parties’ agreement regarding renewal of the lease upon termination

A

Renewal Option

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7
Q

Contract between a landlord and a tenant authorizing the tenant to use and occupy space under certain terms and conditions

A

Rental Agreement

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8
Q

An amount required by a lessor in advance of occupancy as security against potential damages caused by the lessee

A

Security Deposit

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9
Q

A type of rental agreement in which the rent is scheduled to increase over time according to an agreed-upon schedule

A

Step-Up Rent Lease

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10
Q

A lease contract that stipulates a fixed rent amount for the period of the lease

A

Fixed-Rent Lease

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11
Q

A lease contract that stipulates scheduled rent increases over the period of the lease

A

Graduated-Rent Lease

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12
Q

A lease contract stipulating that the landlord will pay all operating expenses, taxes, and insurance for the property during the period of the lease

A

Gross Lease

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13
Q

A long-term lease for vacant land

A

Ground Lease

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14
Q

A lease in which rent payments are adjusted based on changes in the cost of living

A

Index Lease

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15
Q

A legal agreement between lessor and lessee

A

Lease

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16
Q

The act of transferring a portion of the leasehold estate to a third party

A

Subleasing

17
Q

A leasehold estate that defines a tenant’s right to occupy the property against the wishes of the lessor

A

Tenancy at Sufferance

18
Q

An informal leasehold estate of indeterminable length that may last as long as the parties agree

A

Tenancy at Will

19
Q

A leasehold estate that has definite starting and ending dates

A

Tenancy for a Stated Peroid

20
Q

The person who receives a leasehold interest in a property from the lessor

A

Lessee

21
Q

The person who gives a leasehold interest in a property to a lessee

A

Lessor

22
Q

A lease that stipulates that the lessee will pay operating expenses for a property during the lease period

A

Net Lease

23
Q

A lease that stipulates that the lessee will pay operating expenses and insurance for the property during the lease period

A

Net-Net Lease

24
Q

A lease that stipulates that the lessee will pay operating expenses, insurance, and property taxes for the property during the lease period

A

Net-Net-Net Lease

25
Q

A lease for a property used for commercial purposes under which the rental payments are based on some percentage of sales made on the premises

A

Percentage Lease

26
Q

A leasehold estate that continues to automatically renew each period unless terminated by either party

A

Tenancy from Period to Peroid

27
Q

The length of time a landlord and tenant agree to maintain their relationship involving rental property

A

Term

28
Q

An assurance made by the grantor to always defend the title conveyed to the grantee

A

Warranty of Habitability

Principles of Real Estate (14 decks)

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