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Unit 17: Leases > Key Terms > Flashcards

Key Terms Flashcards

1
Q

A contract between an owner of real estate (lessor) and a tenant (lessee)

A

Lease

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2
Q

Lessor

A

Owner of real estate

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3
Q

Lessee

A

Tenant

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4
Q

A contract to transfer the lessor’s rights to exclusive possession and use of the property to the tenant for a specified period

A

Lease

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5
Q

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

A

Reversionary Right

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6
Q

The lessor’s interest is called a(n) ___.

A

Leased fee estate plus reversionary right

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7
Q

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

A

Leasehold estate

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8
Q

A leasehold estate that continues for a definite period of time

A

Estate for years

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9
Q

An interest for a certain, exact period in property leased for a specified consideration

A

Estate for years

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10
Q

Also called tenancy for years

A

Estate for years

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11
Q

Also called fixed-term tenancy

A

Estate for years

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12
Q

An interest in leased property that continues from period to period - week to week, month to month, or year to year

A

Periodic tenancy

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13
Q

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

A

Holdover tenancy

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14
Q

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

A

Tenancy at will

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15
Q

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 lease rights have expired

A

Tenancy at Sufferance

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16
Q

Also called estate at sufferance

A

Tenancy at sufferance

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17
Q

A(n) ___ arises when a tenant who lawfully possessed real property continues in possession of the premises without the landlord’s consent after the rights expire (a holdover)

A

Tenancy at sufferance

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18
Q

A(n) ___ can arise when a tenant for years fails to surrender possession at the lease’s expiration and continues until the landlord completes the eviction process.

A

Tenancy at sufferance

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19
Q

A(n) ___ can occur by operation of law when a borrower continues in possession after foreclosure sale and beyond the redemption period’s expiration

A

Tenancy at sufferance

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20
Q

Under IL law, a(n) ___ arises when a tenant remains in possession after the term of the lease expires.

A

Tenancy at sufferance

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21
Q

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

A

Security deposit

22
Q

A theory in landlord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use

A

Implied Warranty of Habitability

23
Q

The transfer in writing of interest in a bond, mortgage, lease, or other instrument

A

Assignment

24
Q

Occurs when a tenant transfers all of his leasehold interests to another person, and the new tenant is legally obligated for all the promises the original tenant made in the lease.

A

Lease assignment

25
Q

Sublet

A

Sublease

26
Q

The leasing of premises by a lessee to a 3rd party for part of the lessee’s remaining term

A

Sublease

27
Q

When a tenant transfers less than all the leasehold interests by leasing them to a new tenant

A

Sublease

28
Q

Sublessor

A

Original lessee

29
Q

The sublessor’s interest in real estate

A

Sandwich lease

30
Q

A(n) ___ gives notice of the interest but does not disclose the terms of the lease - only the names of the parties and a description of the property.

A

Memorandum of lease

31
Q

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

A

Nondisturbance Clause

32
Q

A mortgage clause stating that in the event that the mortgagee forecloses on the mortgagor-lessor’s building, the mortgagee agrees not to terminate the tenancies of lessees who pay their rent

A

Nondisturbance clause

33
Q

A lease may contain an option that grants the lessee the privilege of renewing the lease, called a(n) ___.

A

Renewal option

34
Q

Some leases grant the lessee the option to purchase the leased premises, called a(n) ___.

A

Purchase option

35
Q

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

A

Right of First Refusal clause

36
Q

Option in a lease that normally allows the tenant the right to purchase the property at a predetermined price within a certain period, possibly the lease term.

A

Purchase option

37
Q

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.

A

Gross lease

38
Q

A lease requiring that the tenant pay not only rent, but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs

A

Net lease

39
Q

In a(n) ___ lease, the tenant pays all operating and other expenses in addition to rent.

A

Triple-net lease

40
Q

Also called a net-net-net lease

A

Triple-net lease

41
Q

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

A

Percentage lease

42
Q

A(n) ___ lease provides for specified rent increases at set future dates

A

Graduated lease

43
Q

A(n) ___ lease allows rent to be increased or decreased periodically based on changes in the consumer price index or some other economic indicator

A

Index

44
Q

A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease.

A

Ground lease

45
Q

The purchase of real property, the consummation of which is preceded by a lease, usually long term. Typically done for tax or financing purposes

A

Lease purchase

46
Q

In a(n) ___, the owners of property sell the property and then lease it back again for an agreed period

A

Sale-and-leaseback arrangement

47
Q

In an agricultural lease, the amount of money given as rent to the landowner at the outset of the lease, as opposed to sharecropping

A

Cash rent

48
Q

In an agricultural lease, the agreement between the landowner and the tenant farmer to split the crop or profit from its sale

A

Sharecropping

49
Q

A lease agreement may contain language that permits a new landlord to terminate existing leases. This clause is most commonly called a(n) ___ and requires that tenants be given some period of notice before termination.

A

a sale clause

50
Q

The legal process that results in the tenants being physically removed from the leased premises

A

Actual eviction

51
Q

Any business that finds, attempts to find, or offers to find for any person for consideration a unit of rental real estate or a lessee for a unit of rental real estate not owned or leased by the business.

A

Rental-finding service

Unit 17: Leases (3 decks)

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