Leaseholds

Question 1

Estate for years

Answer 1

Definite end date. (days, weeks,months.) No notice required and death does NOT terminate lease.

Question 2

Estate for period to period

Answer 2

Month to month, day to day. Whatever the period is, is the notice they have to give. Death does not terminate lease.

Question 3

Estate at Will

Answer 3

Open ended. Notice or death terminates will.

Question 4

Estate at sufference

Answer 4

(hold over tenant) Landlord refuses the money.

Question 5

Assign

Answer 5

Assigning the rights to someone else, but doesnt get the liability. (giving the lease to someone else and if they dont pay, you still legally have to pay.)

Question 6

Novation

Answer 6

Release of lease of liabilty. original lessee is no longer responsible.

Question 7

Novation

Answer 7

Release of lease of liabilty. original lessee is no longer responsible.

Question 8

Lessor

Answer 8

Landlord

Question 9

Lesee

Answer 9

Orinigal Lease tenant and Subleasee the second tenant.

Question 10

Sublet

Answer 10

Lesee (tenant 1) takes back realty eventually.

Question 11

Gross

Answer 11

Fixed monthly payment

Question 12

Percentage

Answer 12

Tenant pays percent of gross sales over a period of time. Ex. Shopping mall

Question 13

Triple Net

Answer 13

Tenant pays base fee and add all expensives together.

Question 14

Sale/ Lease Back

Answer 14

usually model homes. Sells than leases back.

Question 15

Escalation clause

Answer 15

Rent increases because of inflation

Question 16

Constructive eviction

Answer 16

Allows the lease to be broken because its not safe.

Question 17

Actual evicition

Answer 17

Lessor invloces court to force lessee to be removed.

Question 18

Demise

Answer 18

To lease realty

Question 19

Demise

Answer 19

To lease realty

Question 20

Easement

Answer 20

grants right of use. (License is a privilege).

Right - legally enforced. Privilege can be taken.

Question 21

Property managment

Answer 21

Selecting a quality tenant

Question 22

Gross Easement ( Serviant estate)

Answer 22

The right to use the land of another. Like a utility has a right to come onto our property to fix an issue. Not inheritable.

Question 23

Appurtenant easement

Answer 23

Using the land of another and the rights transfer with the property. (ex. Using neighbors road to go to your garage.)

Question 24

Easement Necessity

Answer 24

Landlocked. Ingress ( getting into) and egress (getting out of). everyone has a right to access their property.

Question 25

Easement by prescription

Answer 25

Continuous use of land. Using without permission. NOT ownership.