Chapter 7 - Property Management (Landlord & Tenant) Flashcards
a financial arrangement in which, at the time of sale, the seller retains occupancy by concurrently agreeing to lease the property back to the purchaser
sale-leaseback
one who pays rent under a lease agreement
lessee
lease on the property, the rental payment for which is determined by a percentage of gross receipts from the business
percentage lease
the amount of rent expected if the property were currently available for renting
economic rent
one who rents his or her property to another under a lease or rental agreement
landlord
an owner who enters into a lease agreement with a tenant
lessor
a lease requiring a lessee to pay charges against the property, such as taxes, insurance, and maintenance costs in addition to rental payments
net lease
the party who pays rent for a lease or rental agreement
tenant
an agreement for the use of the land only
ground lease
the occupation of property by a tenant for an indefinite period, terminable by one or both parties
estate at will
the general name of the process from beginning to end that serves to remove a person from the possession of real property
eviction process
a lease given by a lessee
sublease
a leasehold interest that lies between the primary lease and the operating lease
sandwich lease
the concept of possessing an interest in Real Property by virtue of a contract for a fixed and definite period of time
estate for years
a transfer of a person’s entire rights under a contract
assignment
an estate contract between owner and tenant, setting forth conditions of a period to period tenancy
estate from period to period
a contract between an owner and a tenant, setting forth conditions of tenancy for a fixed period of time
lease
an estate arising when the tenant wrongfully holds over the expiration of the term
estate at sufferance
a contract for the monthly rental of residential property
rental agreement
consideration paid for the occupancy and use of real property
rent
rent paid under a lease, the actual rent as opposed to the market rental value of the property
contract rent
the name of the legal process to initiate the removal of a tenant
unlawful detainer or notice to quit
they’re giving up an estate, such as a lease. A contractual agreement, having the consent of both parties, such as lessor and lessee as opposed to abandonment
surrender
a legal maximum on rental price
rent control
the court order physically expelling a tenant
writ of possession
a lease that includes the right to purchase later
lease purchase option
