Commercial leasing and lease termination

Question 1

The physical removal of a tenant from a lease property with the tenant relieved of any further responsibility to pay rent

Answer 1

Actual eviction

Question 2

A major department or chain store strategically located at shopping centers to get maximum exposure to smaller satellite stores

Answer 2

Anchor tenant

Question 3

All the components that make up the shell or skin of the building, separating the exterior from the interior

Answer 3

Building shell – also called building envelope

Question 4

A document issued by a government agency stating that the building is in compliance with building codes in a suitable for tenancy

Answer 4

Certificate of occupancy

Question 5

All costs incurred in operating, repairing, and maintaining the common areas of a commercial property, the fees for which are usually prorated among all tenants

Answer 5

Common area maintenance charges (CAMs)

Question 6

A clause in a lease that could terminate the lease if the government exercises it’s right of eminent domain

Answer 6

Condemnation clause

Question 7

A landlord’s act (or failure to act) that interferes with the tenant’s quiet enjoyment of the property, or makes the property unfit for its intended use, to such an extent the tenant is forced to move out

Answer 7

Constructive eviction

Question 8

A summary legal action to regain possession of real property; especially, a lawsuit filed by landlord to evict a defaulting tenant and Reagan in possession of the property

Answer 8

Ejectment – also called forcible entry and detainer action

Question 9

A lease provision that limits the landlord’s operating expenses by requiring the tenant to pay for increases in taxes or heating or cooling cost, etc.

Answer 9

Expense stop

Question 10

A federal law that gives tenants facing infection from a foreclosed property adequate time to find alternative housing

Answer 10

Protecting tenants at foreclosure act

Question 11

A mutual agreement to end the lease whereby the tenant surrenders possession, and the landlord accepts it back

Answer 11

Surrender and acceptance

Question 12

In commercial real estate, changes made to the interior of a property to accommodate the needs of a tenant, that costs of which are negotiated between lessee and lessor in the lease agreement

Answer 12

Tenant improvements (TI)

Question 13

A commercial development where the builder completes construction ready for any buyer or tenant to move in without reconfiguring or remodeling the space

Answer 13

Turnkey project