Unit 11 - Landlord and Tenant Flashcards
A written or an oral contract between a landlord and a tenant that transfers the right to exclusive possession and use of the landlord’s real
property to the lessee for a specified period of time and for a stated consideration (rent).
lease
The Landlord
Lessor
The Tenant
Lessee
A possessory interest in
property for a definite period of time leased for a specified consideration
estate (tenancy) for years
A possessory interest in leased property that automatically renews from period to period—week to week, month to month, or year to year; notice is necessary to terminate
periodic estate AKA
estate (tenancy) from period to period
An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite and no prior notice to terminate is needed
estate (tenancy) at will
The tenancy of a lessee
who lawfully comes into possession of a landlords real estate but who continues to occupy the premises after the lease has expired against the landlord’s wishes.
estate (tenancy) at sufferance
A person who retains possession of leased property after the lease has expired; the landlord may
continue to accept rent or start eviction procedures.
holdover tenant
A lease of property under which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases
fixed rental lease AKA
gross lease
A commercial lease, commonly used for retail tenants; rent is based on the tenant’s gross sales at the premises. There is usually a small base monthly rental plus a percentage of any gross sales above a certain amount.
percentage lease
A lease requiring that the tenant pay rent plus some or all of the property charges, such as taxes, insurance,
utilities, and repairs.
net lease
A commercial lease that contracts for pre-set rental increases over the lease period.
graduated lease
A commercial lease that allows the periodic adjustment of rent based on a named index such as Consumer Price Index (CPI).
index lease
A lease of land only, on which the tenant usually is required to build as specified in the lease. Such
leases are usually long-term net leases.
ground lease
Essentials of Valid Lease (4)
- Mutual agreement
- Consideration
- Capacity to contract
- Legal objectives
Commercial lease where the tenants share in overall operating expenses for the common areas and building.
full-service lease
The leasing of premises by a tenant to a third party for part of the lessee’s remaining term.
sublease AKA
sublet AKA
assignment
The sublessor’s (original lessee’s) interest in the real estate
sandwich lease
The covenant implied
by law by which a landlord guarantees that a tenant may take possession of leased premises and that the landlord will not interfere in the tenant’s possession or use of the property.
covenant of quiet enjoyment
Substituting a new contract for an old one or substituting new parties to an existing contract.
novation
The state law that mandates delivery of habitable residential rental units; obligations of the landlord and the tenant are mutually
dependent. Provides tenant with rights and remedies such as the Retaliatory Eviction Doctrine.
Residential Rental Agreement Act
A theory in landlord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use.
implied warranty of habitability
The actions of a landlord that so materially disturb or impair a tenant’s enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further
constructive eviction
If a tenant or guest is injured on the landlord’s rental property, the landlord, and his/her agent, may be held liable due to their responsibility to maintain common areas and comply with the Residential Rental
Agreement Act.
law of negligence
