Leasehold Estates

Question 0

Periodic Tenancy

Answer 0

Has no time limit,

Lease automatically renews

Question 1

Tenancy for Years

Answer 1

Has a certain time limit,
No notice needed to terminate,
When date arrives vacate premises

Question 2

Tenancy at Will

Answer 2

Let’s tenant possess the property with consent from landlord. Can be terminated at anytime by either

Question 3

Tenancy at Sufferance

Answer 3

Stays without consent,

If gets permission to stay is a hold over

Question 4

Reversionary Right

Answer 4

Owners right to retake property after lease expires

Oral lease under 12 months r unenforceable

Question 5

Lessors

And

Leases

Answer 5

Lessors- leased fee interest

Lessees- leasehold interest

Question 6

Lease option-

Lease purchase-

Answer 6

Option- tenant has option to purchase property at specified price within a period.

Purchase- tenant agrees to purchase at time and price, usually at end of the lease.

Question 7

Gross (straight) lease-

Answer 7

Tenant pays fixed retal amount, owner pays all ownership expenses.

Tenant usually pays for utilities

Question 8

Net lease-

Answer 8

Agrees to pay ownership expenses

Question 9

Percentage lease-

Answer 9

Commercial tenant agrees to pay fixed base rental plus a percentage of gross income of minimum sales

Question 10

Sale-leaseback

Answer 10

Grantor sells property to grantee and then leases it back

Question 11

Graduated lease-

Answer 11

Allows for periodic step up of rent payments,

Can be used to attract tenants

Question 12

Index lease

Answer 12

Used at times of inflation,
Allows the lease payment to change based on index.

Has the escalation clause

Question 13

Actual eviction-

Constructive eviction-

Answer 13

A- landlord files suit for possession because tenant has breached the lease

C- landlord breaches lease and tenant leave because it became uninhabitable