Seasion 11 Landlord & Tenant

Question 1

Lease

Answer 1

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

Question 2

Reversionary Right

Answer 2

Take back possession of property after lease expires.

Question 3

Requirements for Valid Lease

Answer 3

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

Question 4

Capacity to Contract

Answer 4

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

Question 5

Legal Objective

Answer 5

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

Question 6

Description of the premises

Answer 6

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

Question 7

Use of premises

Answer 7

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

Question 8

Term of the Lease

Answer 8

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

Question 9

Consideration

Answer 9

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

Question 10

Security Deposit

Answer 10

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

Question 11

Statute of Fraud

Answer 11

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

Question 12

Estate for years

Answer 12

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

Question 13

Estate from Period to Period

Answer 13

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

Question 14

Estate at will

Answer 14

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

Question 15

Estate at suffferance

Answer 15

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

Question 16

Assignment

Answer 16

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

Question 17

Subleasing

Answer 17

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

Question 18

Novation

Answer 18

Substitution of a new contract for an old one.

Question 19

Estoppel

Answer 19

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

Question 20

Assignment of Rents Clause

Answer 20

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

Question 21

Non-disturbance clause

Answer 21

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

Question 22

Lease Option

Answer 22

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

Question 23

Lease with Option to Buy

Answer 23

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

Question 24

Lease Purchase Agreement

Answer 24

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

Question 25

Quiet enjoyment

Answer 25

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

Question 26

Sale and lease back

Answer 26

The owner sells the property and then leases it back.

Question 27

Uniform Residential Landlord and Tenant Act

Answer 27

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

Question 28

Actual eviction

Answer 28

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.

Question 29

Constructive

Answer 29

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.

Question 30

Abandonment

Answer 30

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

Question 31

Eviction

Answer 31

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

Question 32

Expiration

Answer 32

The term of the lease is over

Question 33

Distraction of premises

Answer 33

This generally terminate

Question 34

Sales clause

Answer 34

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

Question 35

Surrender and acceptance

Answer 35

Mutual agreement of landlord and tenant to end lease agreement.

Question 36

Gross lease

Answer 36

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

Question 37

Ground lease

Answer 37

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.

Question 38

Net lease

Answer 38

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.

Question 39

Oil and gas lease

Answer 39

The owner receives royalties for allowing exploration rights.

Question 40

Percentage lease

Answer 40

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.

Question 41

Variable leases

Answer 41

The rent will increase during the lease period. There are two types of variable leases: 1. GRADUATED LEASE- Belize will increase at predetermined dates. 2. INDEX LEASE- there are periodic increases or decreases and rates based on changes and some economic index.