Property Management Flashcards
When the tenancy is of uncertain term and requires no notice for termination, it is called:
Tenancy at will
A Lessee has secondary responsibility to pay the rent is:
Assigned
Lessee has primary responsibility to pay the rent
Sublet
Lessor pays utilities, property tax or hazard insurance. This is an example of:
Gross Lease
Lessee pays all utilities & maintenance. This is an example of:
Net Lease
Pay flat amount plus a share of profits. This is an example of:
Percentage Lease
Lease payments increase over course of lease. This is an example of:
Escalator Clause
Increases in taxes shared by tenant. This is an example of:
Participation Clause
Lease the land, own the improvements. This is an example of:
Ground Lease
Which of the following is for air, mineral rights?
Vertical Lease
Which of the following applies to rent increases/decreases tied to a financial indicator?
Index Lease
Which of the following uses an interval market evaluation?
Reappraisal Lease
The former owner now leases from the buyer. This is called a sale/leaseback.
True
In a sale and leaseback, the seller becomes the tenant.
True
Leasehold rights are:
Real property
When lessees abandon property before the expiration of the lease, they have a legal obligation to continue to pay rent.
True
Periodic tenancy automatically renews, and is referred to on the streets as a month-to-month lease. In Utah, if length of notice to terminate is not specified in the lease, the statutory requirement is ____ days.
15
An unwanted lessee illegally possessing the property is known as a Tenant at Sufferance. Upon termination of the lease, if the lessor accepts rent, the lessee becomes a ____________ tenant.
Holdover
To evict an unwanted tenant, landlords must give the tenant notice to quit. They then file with the court an unlawful detainer action. If the court rules in favor of the landlord, a writ of restitution/eviction is issued and the sheriff puts the tenant out.
True
The rights the tenant has to use necessary wood and water on the leased property:
Estovers
A clause in a mortgage to protect lessees, in case of foreclosure, against the lessor is known as a non-_____________ clause.
Disturbance
The lessor regains possession of the property by right of _________.
Reversion
