Course Review Part 4 Flashcards
Smaller living quarters and the increasing need to store many business records have led to the popularity of:
Mini storage facilities
If a tenant moves without notice, what should the landlord do?
Rerent to mitigate damages
What do we call an informal lease between a tenant and a landlord? For example a landlord allows the tenant to remain in the property a few weeks until a home is finished
Tenancy at will
What do we call a tenant who fails to vacate at lease end?
Hold over tenant, estate at sufferance
In what type of lease does the tenant pay property charges such as taxes, insurance and repairs?
Net lease
A percentage lease is based on what?
Gross sales
Could a lease be valid if it’s not signed?
Yes, payment and acceptance of rent would validate the lease
What are you doing with risk if you buy insurance?
Transferring risk
What are you doing with risk if you install a sprinkler system?
Controlling risk
How are you handling risk if you decide not to install the jungle gym?
Avoiding risk
How are you handling risk if you pay for vandalism out of pocket?
Retaining risk
How long after a lease terminates do I have to either return or account for security deposit?
30 days
What is the most important factor in qualifying a residential tenant?
Rental history
What’s corrective maintenance?
Fixing things that are broken or do not work
What will help eliminate it?
Preventative maintenance
What do we call it when the landlord fails to provide essential services and the tenant moves and stops paying rent?
Constructive eviction
What else could the tenant do if the landlord fails to provide essential services?
Arrange for the services and deduct from the rent
What does the tenant pay under a gross lease?
Tenant pays a flat rate. The owner is responsible for the property charges.
What’s kept in the lease file?
Leases
During a deflationary period, what type of lease is best for the owner?
A long term lease at the highest rent possible.
During an inflationary period, what type of lease is best for an owner?
A short term lease or a lease with an escalation clause
Workers compensation insurance covers whom?
Employees on the property
Liability insurance covers whom?
Everyone else
How do you find out what the competition is doing?
Survey
