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CLI Prelicensing > Unit 17 > Flashcards

Unit 17 Flashcards

1
Q

Lease

A

a contract between a lessor and lessee

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2
Q

Lessor

A

owner of real estate, landlord

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3
Q

Lessee

A

tenant

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4
Q

What happens to a lessor’s rights in a lease?

A

rights to exclusive possession and use of the property to the tenant for a specific period fo time and establishes the consideration the lessee is the pay rent for use of the property

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5
Q

Statute of frauds

A

requires lease agreements for more than 1 year to be in writing to be enforceable

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6
Q

Rent

A

fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties

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7
Q

Reversionary right

A

landlord gets possession of real estate after lease term expires

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8
Q

Leashold estate

A

a tenant’s right to possess real estate for the term of the lease; considered personal property

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9
Q

Types of leasehold estates

A
  1. estate for years
  2. estate from period to period
  3. estate at wil
  4. estate at sufferance
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10
Q

Estate (Tenancy) for years

A

a leasehold estate that continues for a definite period; years, months, weeks or days; always has specific starting and ending dates

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11
Q

Do you have to give a notice of termination for an esate for years?

A

no

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12
Q

Estate from period to period

A

created when the landlord and tenant enter into an agreement for an indefinite time - no specific expiration date until someone gives notice of termination

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13
Q

What is unique about an Estate at Will?

A

if either party dies, the lease is immediately terminated

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14
Q

Estate at Will

A

the tenant has the right to possess the property with the landlord’s consent for an unspecified or uncertain term

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15
Q

Estate at Sufferance

A

arises when a tenant who lawfully took possession of real property continues in possession of the premises without the landlord’s consent after the right of possession has expired

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16
Q

Holds over

A

when a tenant fails to surrender possession

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17
Q

Holdover clause

A

provision that governs the right of both the landloard and the tenant

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18
Q

Holdover tenancy

A

the landloard can accept rent offered by the tenant, thereby creating a new tenancy under conditions of the original lease

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19
Q

Requirements for a valid lease

A
  1. capacity to contract
  2. legal objective
  3. offer and acceptance
  4. consideration
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20
Q

Capacity to contract

A

the parties must have the legal capacity to contract; legal age and sound mind

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21
Q

Legal objective

A

objective of lease must not be prohibited by law

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22
Q

Offer and acceptance

A

the parties must reach a mutual agreement on all terms of the contract

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23
Q

Considerations

A

must be supported by valid consideration - exchange of promises

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24
Q

Tenant at sufferenace

A

landlord creates by either objecting to the tenant holding over or informing the tenant of such treatment; landlord receives rent, boht parties have to provide notice within a certain period fo terminating the arrangement

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25
Q

Use of premises

A

lessor may restrict a lessee’s use of premises through provisions included in the lease

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26
Q

Term of lease

A

period for which the lease will run should be stated pricesely including beginning and ending dates together wiht a statement of the total period of the lease

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27
Q

Security deposit

A

held by the landlord during the lease term for if the tenant defaults on payment of rent or destroys premises

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28
Q

Security deposit

A

held by the landlord during the lease term for if the tenant defaults on payment of rent or destroys premises

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29
Q

Improvements

A

neither the landlord nor the tenant is required to make any improvements to the leased property; the tenant can make improvements with the landlord’s permission or as required to make the rented premises accesible; most would become property of landlord

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30
Q

Accessibility

A

illegal to discriminate against a prospective tenant on teh basis of the tenant’s real or perceived disability; must allow tenant to make reasonable modifications to a property at the tenant’s own expense

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31
Q

When would trade fixtures need to be removed?

A

before the lease expires, provided the tenant restores the premises to the previous condition

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32
Q

Maintenance of premises

A

lessor must maintain dwelling units in a habitable condition; must make necessary repairs to common areas and maintain safety features

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33
Q

Destruction of premises

A

usually, residential tenants are permitted to reduce their rent payments in proportion to the amount of space they are unable to use; if property was destroyed as a result of the landlord’s negligence, the tenant can recover damages; if leased premises are destroyed don’t have to continue paying rent; tenants who have constructed buildings on leased land are still obligated for the payment of rent even if the improvements are damanged or destroyed

34
Q

Assignment

A

tenant transfers the entire leassehold interest to another person; new tenant is legally obligated to comply with all of the promises the original tenant made in the lease

35
Q

Sublease

A

tenant transfers less than the entire leasehold interest by subletting the premises to a new tenant; original tenant remains responsible

36
Q

Sandwich lease

A

sublessor’s (original lessee’s) interest in real estate

37
Q

When can you do assignemnt and subleasing?

A

only when a lease specifically permits them

38
Q

When can you do assignemnt and subleasing?

A

only when a lease specifically permits them

39
Q

Are leases recorded?

A

not usually

40
Q

What leases are recorded?

A

long term commercial leases

41
Q

What is long term considered

A

usually 3 years or longer

42
Q

Where are leases recorded?

A

county where the property is

43
Q

Nondisturbance clause

A

included in the financing instrument used to mortgage leased premises; mortgagee agrees not to terminate the tenancy of the lessee(s) so long as the lessee is current in payment of the required rent, should the mortgagee foreclose on the mortgagor’s building

44
Q

If ownership of a leased estate changes, do tenants keep their leaseholds?

A

yes unless special provision for it

45
Q

Renewal option

A

clause grants the lessee the privilege of renewing the lease

46
Q

Purchase option

A

lessee has option to purchase the leased premises

47
Q

right of first refusal

A

allows the tenant the opportunity to buy the property before the owner accepts an offer from another party

48
Q

Types of leases

A
  1. gross lease
  2. net lease
  3. percentage lease
49
Q

Gross lease

A

tenant pays a fixed rent and some or all of the utility expenses while the landlord pays all taxes, insurance, repairs, any other utility expenses, and maintenance connected with the property

50
Q

Net lease

A

tenant pays all or most of the property expenses (hazard insurance, property taxes, common area maintenance charges) in addition to the rent

51
Q

Percentage lease

A

rent is based on a minimum fixed rental fee + percentage of the gross income received by the tenant doing business on the leased property; generally for retail businesses

52
Q

Types of variable leases

A
  1. graduated lease

2. index lease

53
Q

graduated lease

A

provides for specified rent increases at set future dates

54
Q

index lease

A

allows rent to be increased or decreased periodically based on changes in the CPI or some other indicator

55
Q

Ground lease

A

when a landlord leases unimproved land to a tenant who agrees to erect a builing on the land; mostly used in commerical and industrial property development

56
Q

What type of lease is a ground lease?

A

net lease

57
Q

Oil and gas lease

A

when an oil company leases land to explore for oil and gas; negotiate annual rent payable the first day of the year and what % of profit the lessor would get

58
Q

lease purchase

A

used when a tenant wants to purchase the porperty but is not yet able to do so; negotiate lease and sales price

59
Q

Sale-and-leaseback

A

property owner sells the property and then leases it back for an agreed period and rental

60
Q

Breach

A

violation

61
Q

Actual eviction

A

when a tenant breaches a lease or improperly retains leased premises, the landlord regains possesssion

62
Q

Constructive eviction

A

if a landloard breahes any clause of a lease agreement, the tenant has the right to sue and recover damages against the loardloard; terminates the lease agreement

63
Q

In constructive eviction, how must the tenant leave the premises?

A

in the condition that made the premises uninhabitable

64
Q

Protenant legislation

A

state by state legislation; Uniform Residential Landlord and Tenant Act

65
Q

What does the Uniform Residential Landlord and Tenant Act address?

A
  1. landlord’s right of entry
  2. maintenance of the premises
  3. tenant’s protection against retaliation
  4. disclosure of the property owner’s name and address to tenant
  5. specific remedies available to both teh landlord and tenant if a breach of the lease agreement occurs
66
Q

Right to Distrain

A

landlard’s right to seize the tenant’s proeprty for rent in arrears incases of nonpayment of rent

67
Q

When is a lease discharged?

A

when the contract terminates

68
Q

Lease termination

A

occurs either when all parties have fully performed their obligations under the agreement or when teh parties agree to cancel the lease

69
Q

Does a tenant remain liability if they abandon the property?

A

yes

70
Q

Does a lease terminate if the parties die or if the property is sold?

A

no

71
Q

How does a lease from the owner of a life estate end

A

with the death of the person on whose life the estate is measured

72
Q

When can tenancy at will terminate?

A

death of either party

73
Q

Sale clause

A

enables the new landlord to claim possession and negotiate a new lease under new terms and conditinos; requires the tenant be given some period fo notice before the termination

74
Q

How many days notice must a landlord give a tenant for eviction?

A

10 days

75
Q

How can you terminate an estate for years?

A

if both parties agree or one party breaches contract

76
Q

month-to-month tenancy

A

when a tenant takes possession with no definite termination date and pays monthly rent

77
Q

Holdoer tenancy

A

when a tenant with an estate for years remains in possession after the lease term expires; landlord may evict the tenant or treat the holdover tenant as one who holds a period tenancy

78
Q

How long can a holdover tenancy be?

A

length of orignal lease, not exceeding 1 year

79
Q

when is an estate at will terminated?

A

death of either the landlord or tenant, express agreement or operation of law

80
Q

Notice to quit

A

landlord an treat the tenant as a trespasser and proceed with an eviction and damanges action

81
Q

Covenant of quiet enjoyment

A

lessee can occupy the premises without interference from teh owner or anyone else

82
Q

Possession of premises

A

basically same as convenant of quiet enjoyment; landlord must give adequate notice to the tenent if they will be entering the property unless emergency situations

CLI Prelicensing (23 decks)

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