Leasing and Property Management

Question 1

An Estate at sufferance is what type of lease?

Answer 1

The tenant stays after the right to possess has terminated. The tenant is known as a holdover tenant.

Question 2

An Estate at will is what type of lease?

Answer 2

The lease’s duration is unknown when it’s created

Question 3

An estate for years is what type of lease?

Answer 3

The lease terminates automatically when the specified period ends.

Question 4

A periodic estate is what type of lease?

Answer 4

The automatically renews at the end of each period.

Question 5

A net lease is a commercial building lease that means, what?

Answer 5

the tenant pays some or all of the property’s costs in addition to rent.

Question 6

A gross lease is a commercial building lease that means, what?

Answer 6

one in which the landlord pays all expenses related to the property such as taxes, repairs, insurance, utilities, maintenance, etc. while the tenant pays a fixed rent.

Question 7

A percentage lease is a commercial building lease that means, what?

Answer 7

the tenant pays a base rent plus an additional charge that’s a percentage of the tenant’s gross sales once a specific “breakpoint” is met. The landlord usually pas all the property’s costs.

Question 8

A graduated lease is a commercial building lease that means, what?

Answer 8

allows specific rent increases at future dates. It’s a type of variable lease that permits an increase/decrease in rent during the lease period.

Question 9

The law dictating landlord-tenant relationships is:

Answer 9

The Uniform Residential Landlord Tenant Act. (URLTA)