exam prep 4-property leasing Flashcards
Includes hotels, motels, golf courses, resorts, sporting arenas, movie theaters and restaurants (requires hands-on management)
leisure property
Includes heavy or light manufacturing, warehouse and distribution centers (clear height is a key consideration)
industrial property
Includes doctor’s offices, urgent care clinics, hospitals (requires specialized outfitting)
healthcare property
Includes Class A, B or C; may be high rise or low rise
office buildings
Includes storefronts, shopping centers, malls
retail property
Property designed for dwelling
residential property
Property designed for commerce and profit
commercial property
Includes mixed-use, planned-unit development and transit-oriented development
specialty property
A property that combines retail/residential in a single building
mixed-use property
A high density project with mixed zoning (e.g., retail and residential, healthcare, etc.)
planned unit development (PUD)
A development centered around a transportation hub
transit-oriented development
An onsite measurement of boundaries, encroachments and position of improvements on a property that determines land areas
Survey
A method of describing a piece of land that starts at a point of beginning, and follows the boundaries using directions and distance and returns to the point of beginning
metes and bounds
A legal description that is also called a plat description
lot and block
A horizontal reference point from which heights and depths are measured
datum
A division of open space above a property
air lot
A permanent natural or man-made landmark used as a point of reference in measuring property boundaries
monument
A numbered, embossed brass marker used to establish a reference point for surveyors when measuring elevations
benchmark
A governmental method of surveying and describing land that uses principal meridians
rectangular survey system
Legal relationship between parties who sign a lease (grants possession, but not title, to the tenant, and is for a limited period of time)
Leasehold estate
A fixed termination type of lease that may be for a day, week, month, year, several years, or any definite period of time
estate for years
This involves possessory interest that is automatically renewed at the end of each period specified in the lease
periodic estate
In this type of leasehold, the duration of the lease is unknown at the time it is created (e.g., a month-to-month lease)
estate at will
A type of possession in which a tenant stays after the right to possess has terminated
estate at sufferance
The right of a tenant to enjoy the property without being dispossessed or trespassed upon, even by the landlord
quiet enjoyment
An agreement or promise made between the parties
covenant
The substitution of tenants, putting the responsibility for the lease contract in the new tenant’s hands, but does not entirely relieve the former tenant from liability
assignment
The tenant is prohibited from quiet enjoyment of the premises, and vacates. In such cases, the tenant is evicted for all practical purposes because enjoyment of the premises is not available
constructive eviction
With this type of eviction, the landlord has taken matters into his or her own hands, and evicts the tenant without going through proper legal procedures
actual eviction
The right of a tenant to renew a lease upon the expiration of a lease period (seen frequently in commercial leases)
option to renew
A sum provided by a tenant to a landlord to ensure the landlord is not left with extraordinary expenses or unpaid rent when a tenant vacates
security deposit
An agreement for a new occupant to live in the premises and pay rent to the tenant, who pays the landlord (requires landlord permission)
sublease
A type of estate where ownership interest may be passed down to heirs
fee simple determinable
Ownership that terminates at an event pre-determined by the owner (either death or during the owner’s life)
life estate (conventional)
An estate based on the lifetime of a person other than the life tenant. Provides for the inheritance of the life tenant’s heirs only until death of the third party
per autre vie
