Chapter Sixteen

Question 0

the transfer in writing of interest in a bond, mortgage, lease, or other instrument. 180

Answer 0

assignment

Question 1

the legal process that results in the tenant;s being physically removed from the leased premises. 281

Answer 1

actual eviction

Question 2

actions of a landlord that so materially disturb or impair a tenant;s enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent. 282

Answer 2

constructive eviction

Question 3

the tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after his or her lease rights have expired. 271

Answer 3

estate (tenancy) at sufferance

Question 4

an estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite. 270

Answer 4

estate (tenancy) at will

Question 5

an interest for a certain, exact period of time in property leased for a specified consideration. 269

Answer 5

estate (tenancy) for years

Question 6

an interest in leased property that continues from week to week, month to month, or year to year. 269-270

Answer 6

estate (tenancy) from period to period

Question 7

a lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. 279

Answer 7

gross lease

Question 8

a lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant’s rights and obligations continue until the lease expires or is terminated through default. 280

Answer 8

ground lease

Question 9

a tenancy whereby a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy as defined by state law. 270

Answer 9

holdover tenancy

Question 10

a written or oral contract between a landlord (the lessor) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent). Bu state law, leases for longer than a certain period of time (generally one year) must be in writing to be enforceable. 268

Answer 10

lease

Question 11

aa tenant’s right to occupy real estate during the term of a lease, generally considered to be a personal property interest. 112

Answer 11

leasehold estate

Question 12

the purchase of real property, the consummation of which is preceded by a lease, usually long-term, that is typically done for tax or financing purposes. 278

Answer 12

lease purchase

Question 13

a written or oral contract between the landlord and the tenant. What is the tenant?

Answer 13

lessee

Question 14

a written or oral contract between a landlord and a tenant. What is the landlord?

Answer 14

lessor

Question 15

a periodic tenancy under which the tenant rents for one month at a time. 283

Answer 15

month-to-month tenancy

Question 16

a lease requiring the tenant to pay not only rent but also costs incurred in maintaining for the property including taxes, insurance, utilities, and repairs. 279

Answer 16

net lease

Question 17

a mortgage clause stating that the mortgagee agrees not to terminate the tenancies of the lessees in the event the mortgagee forecloses on the mortgagor-lessor’s building. 278

Answer 17

non disturbance clause

Question 18

a lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. 284

Answer 18

percentage lease

Question 19

some leases grant the lessee the option to purchase the leased premises. This option normally gives the tenant the right to purchase the property at a predetermined price within a certain period, possibly the lease term. 278-279

Answer 19

purchase option

Question 20

a clause in a lease that grants the lessee the privilege of renewing the lease. 278

Answer 20

renewal option

Question 21

the return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease. 283

Answer 21

reversionary right

Question 22

a clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party. 278

Answer 22

right of first refusal

Question 23

a transaction in which an owner sells his or her improved property and, as part of the same transaction, signs a long-term lease to remain in possession of the premises. 280

Answer 23

sale-and-leaseback

Question 24

a payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default, or on destruction of th e premises by the tenant. 283

Answer 24

security deposit

Question 25

the leasing of premises by a lessee to a third party for part of the lessee’s remaining terms.

Answer 25

sublease/subletting/assignment