Unit 17: Leases Flashcards
A ______ is a contract between a lessor and lessee
Lease
The lessor is the…
Owner.
The lessee is the…
Tenant
Tenancy for years is a…
Leasehold estate that continues for a definite period
Tenancy for years has specific…
Starting an end dates
No notice is required to terminate in a…
Tenancy for years
Created when the landlord and tenant enter into an agreement for an indefinite time that is, the lease does not contain a specific expiration date is a….
period to period tenancy
Tenancy from period to period can be
Month to month, week to week, or year to year
Gives the tenant the right to possess property with the landlords consent for an unspecified or uncertain term
Tenancy at will
Arises when a tenant who lawfully took possession of real property, continues in possession of the premises without the landlords consent after the right of possession has expired
Tenancy at sufferance
In a blank of a lease, a tenant transfers, the entire leasehold interest to another person
Assignment
Under a blank, a tenant transfers less than the entire lease, hold interest by sublet the premises to a new tenant
Sublease
In a blank, the 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.
Gross lease
In a blank, the tenant pays all or most of the property expenses, such as hazard insurance, property, taxes, and – or common area maintenance charges, in addition to the rent
Net lease
Either a gross lease or a net lease may be a…
Percentage lease
