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
