Leases

Question 1

Less than freehold

Answer 1

Estate in real property that does not involve actual ownership so I could correctly be called less than ownership interest in real property 

Question 2

License interest

Answer 2

Personal right or privilege
Theatre ticket library card
Revoked upon the death of either party

Question 3

Profit interest

Answer 3

Non-possessory rights given by agreement with the owner to remove soil or products from the land in order to make a profit 

Question 4

Estate in reversion

Answer 4

Lessor holds this

Question 5

Estate or tenancy for years

Answer 5

It’s characterized by a start and end date can be renegotiated and or renewed. Any length of time!! Cannot be evicted or renegotiated.

Question 6

Periodic tenancy

Answer 6

Automatically renews itself it can be terminated by notice of either party and the legal term of the notice is 15 days 
Month to month

Question 7

Tenancy at will

Answer 7

Either party may terminate a lease without advance notice however, Utah statute requires a five day notice. It automatically terminates at the death of either party, or the sale of the property. A hotel or motel is usually considered tenancy at will only. 

Question 8

Estate or tenancy at sufferance

Answer 8

The tenant is wrongfully holding possession after expiration of the lease. The tenant has not had previously held legal right of possession through the lease. He could be considered a trespasser. Holdover if they take rent during this time 

Question 9

Freehold

Answer 9

Fee simple- full bundle of sticks

Question 10

Ground lease

Answer 10

Fishing farming hunting

Question 11

Estover

Answer 11

There are necessities allowed by law, such as the rate of a tenant to use timber for fuel on a ranch 

Question 12

Gross lease

Answer 12

Tenant pays a fixed rent in the landlord pays operating expenses

Question 13

Net lease

Answer 13

Tenant pays a fixed rent plus his own operating expenses 

Question 14

Percentage rent

Answer 14

Certainly, this is most often used in commercial or retail. The tenant is charged a percentage of the gross income or net income. Sometimes the rent includes a minimum flat rate or a flat least plus a percentage. 

Question 15

Escalator clause

Answer 15

This clause in a lease allows the landlord to periodically increase the rent by a dollar amount, or a percentage as provided by the contract. This is created by a graduated lease. 

Question 16

Participation clause

Answer 16

This expense clause allows the landlord to pass along, unexpected, increases in property, taxes, utilities, maintenance costs, etc. above the base 

Question 17

Constructive eviction

Answer 17

Defense to a lawsuit, for uninhabitable homes
,
tenant vacated themselves