Leases/Property Management

Question 1

Estate from year to year (periodic estate)

Answer 1

A lease, such as from month to month or year to year. Automatically renewed unless adequate notice (one period) for termination is given.

Question 2

Tenancy at will

Answer 2

A license to use or occupy lands and tenements at the will of the owner

*either the tenant or landlord may terminate the agreement at any time

Question 3

Tenancy at sufferance

Answer 3

Tenancy established when a lawful tenant remains in possession of property after expiration of a lease

*without landlords permission is called a holdover tenant

Question 4

Gross Lease

Answer 4

A lease of property whereby the landlord (lessor) is responsible for paying all property taxes, insurance, utilities, and repairs

Question 5

Net Lease

Answer 5

A lease whereby, in addition to rent, the lessee (tenant) pays such things as taxes, insurance and maintenance

Question 6

Escalation

Answer 6

Found in long-term gross leases. Should certain operating expenses exceed a designated amount, the increase is passed on to the tenant

Question 7

Assignment

Answer 7

When the tenant transfers all rights and obligations stipulated in a lease to a third party (the assignee).

Question 8

Constructive Eviction

Answer 8

An eviction existing when, through the fault of the landlord, physical conditions of the property render it unfit for the purpose for which it was leased

Question 9

Ground Lease

Answer 9

An agreement for the rent of land only. For long periods of time (usually 25-99 years)

Question 10

URLTA

Answer 10

Universal Residential Landlord and Tenant Act

A model law governing residential leasing practice and leases

Question 11

Estate for years

Answer 11

Has a stated expiration date - allows possession of land for a definite and limited time