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Real Estate > Seasion 11 Landlord & Tenant > Flashcards

Seasion 11 Landlord & Tenant Flashcards

1
Q

Lease

A

Contract between lessor and lessee that transfers right of possession for a definite period of time.

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2
Q

Reversionary Right

A

Take back possession of property after lease expires.

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3
Q

Requirements for Valid Lease

A
  1. Capacity to contract
  2. Legal Objective
  3. Description of the premises
  4. Use of premises
  5. Term of the lease
  6. Consideration
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4
Q

Capacity to Contract

A

The parties must be legally capable of entering into a legal agreement

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5
Q

Legal Objective

A

Agreement of possession between the lessor and lessee for a legal purpose

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6
Q

Description of the premises

A

The description of the property can be an informal address because no transfer of ownership

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7
Q

Use of premises

A

Landlord can restrict the tenant on what the premises can be used for.

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8
Q

Term of the Lease

A

Lease should stat precisely how long the term shall be. Beginning and end date along with exact period of time of possession.

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9
Q

Consideration

A

The rent payment, it can be labor or other services.

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10
Q

Security Deposit

A

Deposit for nonpayment of rent and damages to the property. Cannot be used for any other purpose

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11
Q

Statute of Fraud

A

All real estate contract must be in writing to be enforceable except for leases of a year or less and broker to broker agreement

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12
Q

Estate for years

A

Tenancy have beginning and ending date. Lease is terminated with no notice having to be given by either lessor or lessee

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13
Q

Estate from Period to Period

A

Tenancy lasts for a specific time period but will automatically renew until proper notice of termination is given. I.e. Month to month

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14
Q

Estate at will

A

Informal tenancy that exists with consent of landlord. Proper notice of termination but be given by landlord or tenant
Tenancy will cancel by death of either landlord or tenant

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15
Q

Estate at suffferance

A

Occurs when lease has expired and tenant refuses to vacate the premises

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16
Q

Assignment

A

Transfer of all legal rights of one person in possession (the assignor) to another person (the assignee). Assignee becomes primarily responsible to lessor and assignor is secondary responsible unless the landlord allows novation

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17
Q

Subleasing

A

A tenant transfers partial interest to another party but still retains some reversionary interest. Lessee still liable for paying rent. Sublessee pays to lessee

18
Q

Novation

A

Substitution of a new contract for an old one.

19
Q

Estoppel

A

A purchaser of rental property might have existing tenant execute estopple statement acknowledging their obligation to pay the proper amount of rent according to the specific term of the lease

20
Q

Assignment of Rents Clause

A

A mortgage clause that states if a mortgagor does not make their mortgage payment the mortgagee can collect the rent directly from the tenant

21
Q

Non-disturbance clause

A

A mortgage clause that states if the mortgagor get foreclosed on the mortgagee wont terminate the tenancy of the leasees who are paying their rent on time

22
Q

Lease Option

A

A provision in a lease that allows the tenant the right to renew their lease if proper notice is given before expiration of the lease

23
Q

Lease with Option to Buy

A

Allow the tenant to purchase the property or during the lease. There is no obligation for the tenant to buy the property at the end of the lease

24
Q

Lease Purchase Agreement

A

There are two contracts signed at one time, release and the purchase contract. The leasee is obligated to purchase the property and the lessor at the end of the lease. In the case of either party refusing to for fill their purchase agreement, they will be in breach of contract

25
Q

Quiet enjoyment

A

The right of the tenant to have an interrupted possession of the property without interference of the landlord.

26
Q

Sale and lease back

A

The owner sells the property and then leases it back.

27
Q

Uniform Residential Landlord and Tenant Act

A

This provides the rules for regulating the relationship of tenant and landlord and residential leases cover: rental agreement, condition of the property, security deposit, use of the property, landlords obligation, tenants obligation and termination of tenancy

28
Q

Actual eviction

A

The landlords remedy if the tenant violate the rule or does not pay rent. The landlord can regain possession by filing suit in a court.

29
Q

Constructive

A

The tenants remedies if the landlord is in violation of the rules. This allows the tenant to break the lease if the property is left on in habitable and will not be responsible for any further rent payments.

30
Q

Abandonment

A

The tenant vacates the property before lease expiration without approval of landlord.

31
Q

Eviction

A

Legal remedy by tenant or landlord terminate the lease if either party is violating the lease agreement.

32
Q

Expiration

A

The term of the lease is over

33
Q

Distraction of premises

A

This generally terminate

34
Q

Sales clause

A

This clause in the lease allows a new landlord with proper notice to change the terms or cancel and

35
Q

Surrender and acceptance

A

Mutual agreement of landlord and tenant to end lease agreement.

36
Q

Gross lease

A

Tenant pays a fixed amount of rent and none of the landlords expense of this type is commonly used in residential lease.

37
Q

Ground lease

A

There are two separate ownerships on the property. One person owns the land and another person on the improvement and pay his rent for the use of the land.

38
Q

Net lease

A

These are you in commercial leases the tenant pays it fixed amount of rent plus a percentage or all the landlords expensive. The most common that Lisa is called “triple net “where the tenant pays a portion of the landlord’s taxes, maintenance, and insurance.

39
Q

Oil and gas lease

A

The owner receives royalties for allowing exploration rights.

40
Q

Percentage lease

A

The tenant pays a fixed amount of rent plus a percentage of the annual income. These are commonly used in retail lease is located in large shopping malls.

41
Q

Variable leases

A

The rent will increase during the lease period. There are two types of variable leases:
1. GRADUATED LEASE- Belize will increase at predetermined dates.

  1. INDEX LEASE- there are periodic increases or decreases and rates based on changes and some economic index.

Real Estate (6 decks)

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