Chapter 8 Mastering Real Estate

Question 1

What are two elements of a lease agreement?

Answer 1

It is a contract and it transfers ownership interest for a return in payment of rent and other obligations.

Question 2

Define lessor

Answer 2

The landlord

Question 3

Define lessee

Answer 3

The tenant

Question 4

What are the four kinds of estates?

Answer 4

Estate for Years
Estate from Period to Period
Estate at Will
Estate at Sufferance

Question 5

What is an estate for years?

Answer 5

Continues for a definite period of time. NO NOTICE IS NEEDED to terminate this estate. Can be terminated by consent of parties.

Question 6

What is a periodic estate?

Answer 6

An estate from period to period and they do NOT have an expiration date. Notice must be given, prior to the beginning of the last interval.

Question 7

What is a Tenancy (estate) at Will?

Answer 7

Tenant can possess property with consent of landlord for an indefinite period of time. Can be terminated by either party., Also terminated on death or insanity of landlord or tenant.

Question 8

What is a Tenancy (Estate) at Sufferance?

Answer 8

A holdover tenancy is where the tenant wrongfully remains in possession of the property after the right to possess has expired.

Question 9

Name the five kinds of lease agreements?

Answer 9

Gross lease
Net Lease
Percentage Lease
Variable lease
Ground lease