CHAPTER 8 LEASING AND PROPERTY MANAGEMENT Flashcards
___ AT ____- An estate arising when the tenant wrongfully holds over after the
expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or
accepting such tenant for a similar term and under the condition of the tenant’s previous
holding. Also called a tenancy at sufferance
Estate at Sufferance
____ AT ___- The occupation of lands and tenements by a tenant for an indefinite period,
terminable by one or both parties.
Estate at Will
___ FOR ___- - An interest in lands by virtue of a contract of a contract for the possession
of them for a definite and limited period of time. May be for a year or less. A lease may be
said to be an estate for years.
-TYPICALLY LASTS ONE YEAR
Estate For Years
___ ESTATE- A tenant’s right to occupy real estate during the term of the lease. This
is a personal property interest.
Leasehold Estate -
____- - One who contracts to rent, occupy, and use property under a lease agreement; a
tenant.
Lessee
____- An owner who enters into a lease agreement with a tenant; a landlord
Lessor
___ESTATE- An interest in land where there is no definite termination date (FREEHOLD) but the
rental period is fixed at a certain sum per week, month, or year. Also called an estate from
period to period.
Periodic Estate
Remember that under an estate for __, the lease spells out a specific time period at which point
the lease will terminate. A estate is different. With a ____ estate, there is a rental period
defined by the lease, but there is not a pre-determined lease termination date.
years
periodic -This type of
leasehold estate is also known as an estate from period to period, or a periodic tenancy. a month-to-month lease
LEASEHOLD ESTATES -
___ FOR ___- A LEASEHOLD ESTATE FOR ANY SPECIFIED PERIOD OF TIME. AN ESTATE FOR YEARS DOES NOT AUTOMATICALLY RENEW
ESTATE FOR YEARS
LEASEHOLD ESTATES
____ TENANCY- AKA ESTATE FROM YEAR TO YEAR, A LEASE THAT AUTOMATICALLY RENEWS FOR SUCCESSIVE PERIODS, UNLESS TERMINATED BY EITHER PARTY
PERIODIC TENANCY
LEASEHOLD ESTATES
___ AT ____- AN ESTATE AT WILL DOES NOT HAVE A SET TERM PERIOD. IT IS OPEN ENDED.
- AT ESTATE AT WILL DOES NOT HAVE A SET TERM. IT IS OPEN ENDED.
CONTINUES UNITL EITHER PARTY TERMINATES THE LEASE.
ESTATE AT WILL
LEASEHOLD ESTATES
___ AT ____- AN ESTATE ARISING WHEN THE TENANT WRONGFULLY HOLDS OVER AFTER THE EXPIRATION OF THE LEASE TERM.
ESTATE AT SUFFERANCE - IF THEY DON’T MOVE OUT, THEY ARE A HOLD OVER TENANT.
____ - A contract between an owner and tenant, setting forth conditions upon which the
tenant may occupy and use the property and the term of the occupancy.
Lease -
___ ____- The removal of a tenant by the landlord because the tenant breached a
condition of a lease or another rental contract.
Actual Eviction
____ ____- Any disturbance of the tenant’s possession of the lease premises
by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for
which they were leased.
Constructive Eviction
___- A lease given by a lessee.
Sublease
The first principle that comes with leasing real estate is ____. When someone contracts with
a property owner to lease the real estate from them, one of the benefits they are getting is the right
to possess the unit or parcel being leased.
possession
A tenant’s rights and responsibilities for the property can also be terminated or modified through
the process of ____ or by subleasing the rental home or unit
assignment
____ LEASES- A lease in which the lANDLORD pays all costs of operating and maintaining the
property and real estate taxes.
GROSS LEASE
TENANT PAYS- MONTHY RENT
LANDLORD PAYS - TAXES, INSURANCE, MAINTENANCE, AND MORTGAGE
___ LEASE- An agreement for the use of land only, sometimes secured by improvements
placed on the land by the user
GROUND LEASE
___ LEASE - 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
- TENANT PAYS RENT, UTILITIES, TAXES, INSURANCE, AND MAINTENANCE.
- LANDLORD PAYS - CAPITAL EXPENDITURES, MORTGAGE
double net lease
TRIPLE NET LEASES TOO
___ ____- Lease on the property, the rental for which is determined by the amount
of business done by the lessee; usually a percentage of gross receipts from the business
with provisions for a minimum rent.
Percentage Lease
COMMONLY USED WITH RETAIL TENANTS.
