Leases

Question 1

Leases: Key Characteristics

Answer 1

• lease is both an instrument of conveyance and contract of covenants between tenant and landlord
• lease conveys temporary, exclusive use of premises in exchange for rent and right of reversion

Question 2

Tenant Rights and Obligations

Answer 2

• rights: use, possession, quiet enjoyment, profits
• tenant obligations: pay rent; maintain premises; follow rules

Question 3

Landlord Rights and Obligations

Answer 3

• rights: receive rent; repossess upon expiration; monitor tenant compliance
• obligations; property condition, habitability, support services

Question 4

Estate Types: Gross Lease

Answer 4

landlord pays expenses; tenant pays higher rent than net

Question 5

Estate Types: Net Lease

Answer 5

tenant pays some or all expenses; rent is less than gross

Question 6

Estate Types: Percentage Lease

Answer 6

landlord received rent minimum plus percentage of retailer’s sales

Question 7

Estate Types: Residential Lease

Answer 7

gross lease hybrid; short term; uniform terms reflect landlords-tenant standards

Question 8

Estate Types: Ground Lease

Answer 8

landlord owns and leases ground but does not own improvements

Question 9

Estate Types: Proprietary Lease

Answer 9

for cooperative unit owners; indefinite term; assigned to new unit owner on sale

Question 10

Estate Types: Leasing of Rights

Answer 10

leasehold transfer of rights for limited use; example; air, mineral, water rights

Question 11

Uniform Residential Landlord and Tenant Act: Purpose

Answer 11

• balance landlord and tenant rights
• standardize leases
• have uniform eviction procedures
  -protect tenants
• serve as model for state legislation

Question 12

Uniform Residential Landlord and Tenant Act: Leases

Answer 12

• clear lease terms
• fair market rent
• cannot waive rights

Question 13

Uniform Residential Landlord and Tenant Act: Deposits

Answer 13

• limits on amounts
• tenant’s right to interest
• rules and deadlines for returning

Question 14

Uniform Residential Landlord and Tenant Act: Landlord Obligations

Answer 14

• bargain in good faith
• provide maintenance and repairs
• comply with building codes
• provide safety and access
• procedure for delivery of notice

Question 15

Uniform Residential Landlord and Tenant Act: Tenant Obliigations

Answer 15

• maintain condition
• abide by rules and regulations
• no damage or abuse
• abide by approved uses
• no disturbance of other tenants