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Real Estate > Unit 17: Leases > Flashcards

Unit 17: Leases Flashcards

1
Q

A contract between a property owner and a tenant

A

Lease

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2
Q

The owner of the real estate is known as the

A

Lessor- landlord

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3
Q

The tenant is also called this

A

Lessee

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4
Q

The tenant’s right to possess real estate for the term of the lease is called a

A

Leasehold estate (less than freehold)

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5
Q

What are the four types of leasehold estates

A
  1. Estate for years- definite period of time
  2. Estate from period to period- indefinite term with automatic renewal
  3. Estate at will- indefinite term of stay
  4. Estate at Sufferance- refuses to leave property
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6
Q

In MA to evict a tenant at will, requires how much notice in writing

A

30 days

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7
Q

In MA for a lease to be considered enforceable it must be in

A

writing

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8
Q

What are the requirements of a valid lease

A
  1. Capacity to contract (legal age and sound mind)
  2. Have a legal objective (not breaking any laws)
  3. Offer and acceptance- mutual agreement
  4. Consideration- exchange of promises i.e. rental for known fee
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9
Q

The lessee can occupy the premises without interference from the owner or anyone else, known as

A

Covenant of quiet enjoyment

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10
Q

This occurs when a tenant transfers the entire leasehold interest to another person

A

assignment

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11
Q

A tenant transfers less than the entire leasehold interest to a new tenant

A

Subleasing- subletting

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12
Q

What are the types of leases

A
  1. Gross lease
  2. Net lease
  3. Net net net lease
  4. Percentage lease
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13
Q

Most common type of lease when the tenant pays the rent and the landlord pays the rest

A

Gross lease

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14
Q

Lease where the tenant pays the rent and some of the expenses

A

Net lease

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15
Q

This lease is one where the tenant pays rent and all the expenses

A

Triple net (net-net-net lease); retail properties

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16
Q

Lease where the tenant pays rent plus a percentage of the gross sales

A

Percentage lease- malls (retail business)

17
Q

These leases have built in increases in rent payments over the lease term

A

Variable lease or a graduated lease

18
Q

The terms of this lease are from 50 to 99 years

A

Ground lease

19
Q

Renting with an option to buy

A

Lease purchase

20
Q

Sell the property and then lease it back for an agreed period and rental

A

Sale and leaseback

21
Q

When a tenant violates any lease provision, the landloard may sue the tenant

A

Breach of lease

22
Q

In MA any lease for more than one year must be in

A

writing

23
Q

What are the specific MA law required procedures for eviction

A

A landlord must give a two weeks written notice to the tenant and the tenant may pay all overdue rent plus landlord expenses during that period.
In a tenancy at will, the law requires landlords give the tenant as much time to stay in the property as one rental period after the landlord provides a notice to quit the property; usually 30 days and maximum of 3 months.

24
Q

The landlord may enter the property without violating the tenant’s right of quiet enjoyment for the following reasons

A
  1. in accordance with a court order
  2. to make necessary repairs
  3. to show the property to a prospective tenant
  4. if it appears the tenant has abandoned the property
25
Q

At the time a tenancy commences, no tenant may be required to pay any amount in excess of the following:

A

*The first month’s rent
*The last month’s rent
*A security deposit equal to the first month’s rent, and
*The purchase and installation cost for a key and lock

26
Q

This is not the landlord’s money to keep and must be kept in a separate bank account in MA; no credit unions allowed.

A

Security deposit- Tenant is entitled to receive it within 30 days of the termination of the lease.

27
Q

If a security deposit is required, this form must be provided in writing to the tenant 10 days prior to moving in.

A

Statement of condition- tenant has 15 days to review and add any damages that the landlord did not include in the list. Both parties must sign

28
Q

A landlord must provide one of these that lists amount of money received, date received, intended use of money, name of person receiving money, name of landlord if different, a statement that the tenant is entitled to the interest on the deposit, address and apt number, location and name of bank, account number of the fund in which the money is deposited; a statement the tenant provide the landlord a forwarding address so when they move, they can receive the interest.

A

Receipt

29
Q

Landlords are entitled to withhold the following three deductions from the security deposit

A

any unpaid rent
any unpaid increase in real estate taxes for which the tenant is liable under the lease
the reasonable cost of repairing damage caused by the tenant, excluding normal wear and tear

Real Estate (22 decks)

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