RE - Set 03 Flashcards
GRADUATED LEASE
A lease calling for periodic increases in the rental payments; sometimes called a stair-step lease.
RETALIATORY EVICTION
An act whereby a landlord evicts a tenant in response to some complaint made by the tenant.
SANDWICH LEASE
A lease agreement created when a tenant sublets the property to another person, thus creating a sublessor-sublessee relationship. The person in the “sandwich” is a lessee to one party and a lessor to another.
WRIT OF POSSESSION
A court order directing the sheriff to remove the tenant and his or her possessions within 5 days.
FINANCING STATEMENT
A written notice filed with the county recorder by a creditor who has extended credit for the purchase of personal property; establishes the creditor’s interest in the personal property, which is security for the debt.
PITI
Abbreviation for Principal, Interest, Tax, and Insurance as commonly found in an all-inclusive mortgage payment.
OR MORE CLAUSE
A clause in a promissory note that allows a borrower to pay a loan off early without penalty.
REAL ESTATE INVESTMENT TRUST (REIT)
A way investors with a small amount of capital can pool their resources to buy real estate.
DEREGULATION
A process by which financial institutions, that had formerly been restrained in their lending activities by the law, are allowed to compete freely for the profits in the marketplace.
PRINCIPAL
The original amount borrowed.
ESTATE FOR YEARS
A leasehold estate with a definite end date; must be re-negotiated; commonly used for commercial leases.
ESTATE FROM PERIOD TO PERIOD
A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be re-negotiated upon each renewal; commonly a month-to-month rental.
AXIAL GROWTH
City growth that occurs outward along main transportation routes; usually star shaped.
LANDLORD
Lessor; property owner.
ESTATE AT WILL
Possession of real estate belonging to another, with their permission, for an indefinite period of time; can be terminated by either the lessor or lessee; either party must give 30 days notice before ending the tenancy.
