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WV Real Estate Exam 7- End > Unit 17 - Leases > Flashcards

Unit 17 - Leases Flashcards

1
Q

Leasehold estate

A

Renting

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2
Q

Estate For years

A

Lease for a definite period of time

Expiration date

Tenancy for years

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3
Q

Holdover tenancy

A

Lease expired and no other lease is created and tenant still occupies rental

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4
Q

Estate from period to period

A

Month to month, year to year ect. Can go on forever. No definite expiration date.

Need to give notice of leaving

Periodic tenancy
Estate from year to year
Estate from month to month
Month to month tenancy

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5
Q

Estate at Will

A

At your will and pleasure

Posses the property for unspecified term, as long As there’s landlord consent. Either party can give notice of termination

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6
Q

Estate at sufferance

A

Unlawful Living in rented space after lease expires against landlords desire

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7
Q

Requirements of a lease

A

Offer and acceptance
Bound by consideration
Competent parties
For a legal purpose

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8
Q

Quiet enjoyment

A

Landlord can’t just let himself in

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9
Q

Possession of premises

A

Landlord won’t interfere with tenant use of property

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10
Q

Use of premises

A

May use premise for any legal reason otherwise stated in lease

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11
Q

Term

A

Can be any time clearly stated in lease. Usually under 10 years

** under a year in length, no need for contract. Can be verbal

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12
Q

Security deposit

A

In the event of damage or loss of unpaid rent

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13
Q

Improvements

A

Landlord nor tenant to the lease property

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14
Q

Accessibility

A

Modifications must be permitted. Tenant must return it to the way it was. Can ask for money deposit in escrow account

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15
Q

Maintenance

A

Landlord required to make repairs to common areas

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16
Q

Destruction of premises

A

Premise destroyed lease ends

17
Q

Assignment and subleasing

A

Can do either unless stated

18
Q

Recording lease

A

Not required. Possession is considered constructive notice , if inspected it called actual notice

19
Q

Non disturbances clause

A

If property if taken from landlord, you can’t be kicked out until your contract expires

20
Q

Options

A

Can renew rental by a stated date

Can offer to sell it to you

21
Q

Gross lease

A

Tenant pays fixed amount and landlord pays PITI And repairs . Most leases are like this

22
Q

Net lease

A

Tenant pays all or some of property charges in addition to rent

Insurance on property
Taxes

Usually commercial lease

23
Q

Percentage lease

A

Rent is fixed plus percentage of gross income

24
Q

Variable lease

A

Rent can go up or down

Graduated lease
Index lease

Most commercial leases have a variable lease tie to account for inflation

25
Q

Ground lease

A

Land separate from building. Land not going to be sold but can be built on for a period of time

26
Q

Oil and gas lease

A

Can look for oil or gas. Owner gets royalty. Indefinite contract

27
Q

Lease purchase

A

Tenant wants to purchase but not able to yet

Terms are negotiable at time of lease sign
Down payment
Periodic lease

28
Q

Sale a lease back

A

Two real contracts. One party sells and then leases it

29
Q

Agricultural

A

Cash advance- cash rent or percentage of profits (sharecropping)

30
Q

Discharge of leases

A

Breach- contract violation. Can sue. Governed by law

31
Q

Suit if possession

A

Court order. Actual eviction. Sheriff removed tenant

32
Q

Constructive eviction

A

Tennant throws themselves out. Lessor negligent to the point of space is unusable

33
Q

Pro-tenant legislation - uniform residential landlord and tenant act

A

For tenants

Landlord right of re-entry
Maintenance of property

Tenant protection against retaliation for complaints

Property owners name and address to tenant

34
Q

Fair housing and civil rights laws

A

Affect landlord and tenant

No discrimination

Amendment- 1988

Familial status - Can’t say no children or change rent or security deposits because of child is living there
Disability - have to let renter adjust property to disability

35
Q

Reversionary right

A

Lease expired, possession back to owner

36
Q

Right of first refusal

A

Renter can buy property before made for public sale

WV Real Estate Exam 7- End (15 decks)

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