Module 6- Leases

Question 1

Assignment

Answer 1

Transfer of tenant rights & liabilities

Question 2

Economic Rent

Answer 2

rent of property could command on the open market

Question 3

Contact Rent

Answer 3

rental income as stipulated by the parties in the lease

Question 4

Holdover tentant

Answer 4

tenant who fails to move out when the lease expires

Question 5

lease

Answer 5

agreement for the right to use the property

Question 6

Leasehold estate

Answer 6

lease with no ownership

Question 7

lesser

Answer 7

tenant

Question 8

lessor

Answer 8

a person who provides the lease

Question 9

mutual resecisson

Answer 9

termination of the lease by both parties

Question 10

subletting

Answer 10

transfer of tenants’ rights but liability remains with the lessee

Question 11

term

Answer 11

duration of the lease

Question 12

When do you write a lease?

Answer 12

A lease must be in writing if its longer than one year

Question 13

Leasehold estates (4)

Answer 13

Estate for years
periodic tenancy
tenancy at sufferance
tenancy at will

Question 14

Estate for years

Answer 14

a lease with a definite start and end date

Question 15

Periodic tenancy

Answer 15

a lease that automatically renews( requires notice to terminate

Question 16

Tenancy at sufferance

Answer 16

when a tenant refuses to move out after not paying rent (holdover tenant)

Question 17

tenancy at will

Answer 17

tenant occupies the estate with the permission of the owner, the lease terminates when either or die

Question 18

Graduated lease

Answer 18

payments start low but gradually increase as lease matures

Question 19

gross lease

Answer 19

tenant pays only rent

Question 20

percentage rent

Answer 20

rent is based off gross receipts of the tenants businessn

Question 21

net lease

Answer 21

tenant pays utilities, rent, tax, etc..

Question 22

lease option

Answer 22

tenant can buy at preset price (prohibited in Texas)

Question 23

sale and lease back

Answer 23

party sells, then leases it back usually for a long term lease

Question 24

when should a landlord account for a security deposit?

Answer 24

within 30 days after the lease has ended