Chapter 12- Leases: Landlord & Tenant Flashcards Preview

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Flashcards in Chapter 12- Leases: Landlord & Tenant Deck (7)
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1

Lease

An owner of real estate leases to a tenant transfers the right to possession and use of the owner’s property for a specified period of time.

2

Demise

The transfer of property by lease.

3

Leasehold estates

1) Estates for years
2) Periodic estate or estate from period to period.
3) Tenancy at will
4) Tenancy at sufferance.

4

Estate for Years

A leasehold estate that continues for a definite period of time with a specific termination date.

5

Periodic Estate

An interest in leased property that continues from period to period. Month to month, week to week, year to year.

6

Tenancy at Will

An estate that gives the tenant the right to possess with the consent of the landlord for an indefinite period.

7

Tenancy at Sufferance

A situation in which a tenant comes into possession of land by lawful title ans keeps it afterward without any right at all. This is the lowest estate in land.