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NYREI > Chapter 12A - Leases > Flashcards

Chapter 12A - Leases Flashcards

1
Q

Actual Eviction

A

Eviction through legal process

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2
Q

Assignment

A

Lease is transferee from present lessee to an assignee - transfers entire interest but assignor (original tenant) and assignee (new tenant) share liability

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3
Q

Constructive Eviction

A

Tenant is prevented from quiet enjoyment of property - EX: no heat, inoperable plumbing.

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4
Q

Covenant

A

Promises or guarantees in lease

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5
Q

Estate at Will

A

Leasehold estate with no actual lease to specify termination or rental period. Superintendent, family member who occasionally pays rent. Requires proper notice for termination, not less than 30 days.

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6
Q

Estate for Years

A

Leasehold estate set to last for a specific period after which the lease automatically terminates.

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7
Q

Graduated Lease

A

Spells out rent increases or decreases, typically long term leases that specify annual rent increases.

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8
Q

Gross Lease

A

Lessee pays fixed amount and lessor pays all ownership expenses.

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9
Q

Ground Lease

A

AKA land lease. Unimproved land leased on long term basis. Tenant will build structure and own it upon completion.

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10
Q

Holdover Tenant

A

Tenant who stays in apartment after the end of their legal lease.

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11
Q

Index Lease

A

Rent is tied to common index indicator of economic performance like Consumer Price Index

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12
Q

Land Lease

A

AKA ground lease. Unimproved land leased on long term basis. Tenant will build structure and own it upon completion.

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13
Q

Lease

A

Contracts in which one party (lessee) pays property owner (lessor) rent in exchange for possession/occupancy of real estate without transfer of title or deed.

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14
Q

Leasehold Estate

A

Gives holder temporary right to possession without conveying title.

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15
Q

Lessee

A

Tenant

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16
Q

Lessor

A

Landlord

17
Q

Net Lease - single, double, triple net

A

Lessee pays some or all of expenses associated with property
1) taxes
2) insurance
3) maintenance
1/3 = single net, 2/3 = double net, 3/3 = triple net.

18
Q

Percentage Lease

A

Lessee pays fixed monthly payment as well as percentage of gross sales - retail tenants

19
Q

Periodic Estate

A

Leasehold estate that continues for successive equal periods until terminated by proper notice from either party. NYS requires one month plus one day.

20
Q

Quiet Enjoyment

A

Property cannot be invaded by anyone (including lessor) without lessee’s consent

21
Q

Security Deposit

A

Money paid by lessee to lessor providing security in case of dmaange to property

22
Q

Sublease

A

Tenant transfers only part of his interest to another person.

23
Q

Tenancy as Sufferance

A

Tenant has a valid lease but stays after lease expires without landlord’s permission. Must be removed through legal eviction process.

NYREI (25 decks)

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