Leasing and Property management 1 Flashcards
A lease is a contract which conveys the right to
use or occupy real property
A valid lease can be written or oral or written only
written or oral
In most states, an oral lease for 1 year or less is
valid AND enforceable
In most states, an oral lease for more than one year is
valid BUT not enforceable.
It must be written to be enforceable
When real property is leased, the landlord is called the
Lessor
When real property is leased, the tenant is called the
Lessee
A valid lease can be
written or oral
In most states, an oral lease for 1 year or less is
valid and enforceable
In most states, an oral lease for more than 1 year is
valid but not enforceable
when real property is leased, the landlord is called
the lessor
The difference between gross and net leases is seen from the point of view of the
Land Lord
The type of lease in which the tenant pays a fixed monthly rent and the landlord pays all expenses such as taxes , insurance, and maintenance of the rent is a ____
Gross Lease
The type of lease in which the tenant pays a fixed monthly rent to the landlord and pays some of his own expenses such a taxes , insurance, and maintenance is
a Net Lease
A GRADUATED LEASE IS ALSO CALLED A STEP UP
LEASE
A TYPE OF LEASE WHICH CONTAINS A PROVISION FOR FUTURE RENT INCREASES BAED ON GENERAL INCREASES IN OPERATING COSTS IS CALLED RENT INCREASES THE A
INDEX LEASE
THE legal removal of a tenant from a leased property because of violation of the lease terms is called
ACTUAL EVICTION
THE types of leasehold estates NOT terminated by the death of either party included a “lease for years” and
PERIODIC LEASE
THE TYPES OF LEASEHOLD ESTATES WHICH ARE TERMINATED BY THE “DEATH” OF EITHER PARTY INCLUDE A “TENANCY AT WILL” AND
TENANCY AT SUFFERANCE
if the tenant dies during a “lease for years’ the heirs of the deceased
ARE BOUND BY THE LEASE.
Tenancy at Will. The main difference between a tenancy at sufferance and a tenancy at will is that the landlord has actually given permission to a tenant at will to live in the rental property after the original lease agreement has ended. … A tenancy at sufferance occurs without the landlord’s permission.
How does the tenancy for years differ from the tenancy at will?
Differences. One big, glaring difference between periodic tenancy and tenancy at will is that periodic tenancy includes something in writing while tenancy at will does not. … With tenancy at will, either party can terminate the arrangement at any time. Periodic tenancy is more structured, while tenancy at will is not.
Assignment or subletting of a lease
is possible unless otherwise prohibited.
The transfer of ALL rights that a tenant holds in a leased property is called
Assignment
When leased property is sublet who has liability for the lease?
The Sublessor
*the original lessee, the sublessor is solely liable.
Assignement or subletting of a lease is
possible unless otherwise prohibited
