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Chapter 15 Flashcards

Landlord & Tenant

1
Q

Leasehold Estate

Reference from chapter 2

3 questions on test from this segment

A

Renting (less than ownership)

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2
Q

Freehold Estate

A
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3
Q

Leasehold Estate

A

Tenant gets theh right of use & possesion

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4
Q

LessOR

A

Landlord

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5
Q

LessEE

A

Tenant

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6
Q

Another word for a llease agreement

A

Demise

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7
Q

Privity of Estate

A

Two people that have some initerste in the property (aka landlord/tenant)

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8
Q

Privity of Contract

A

Has to be written in the lease

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9
Q

Testable

In NC there are 3 seperate laws that apply

A

Residential rental agreement act

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10
Q

Residential Rental Agreement Act

Not covered: hotels, motels, vacation rentals

A

“Landlord” is considered:
* owner
* rerntal management company
* rental agent
* anyone having actual or apparent authority

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11
Q

NC Tenant Security Deposit Avt

A
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12
Q
A
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13
Q

Residential Rental Agreement Act

A

Landlord basic responsibility:
Keep the property in “fit” condition or also

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14
Q

Smoke & Carbon Monoxide Detectors

A

Mandatory
* Carbon Monoxide IF: attached to garage, fossil fuel appliance
* Landlord MUST install 10-year lithium batteries or hard wire it
* Tenant replaces the batteries

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15
Q

Water, Sewage, Electricity

A

Landlord may charge for utilities
Landlord may NOT disconnect services for noon-payment
Most notify renter of water contamination

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16
Q

TP

Imminently Dangerous Conditions

A

Unsafe wiring
unsafe flooring or steps
unsafe ceilings

*landlord must rememdy withiin a reasonable period of time

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17
Q

Landlord Rights to Access the Property

A

Unless written in lease landlord cannot access property unless immediate emergency

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18
Q

Protected Tenants

Tenants that can get out teh lease agreement under special circumstances. “Protected Tenants”.

A

Victims of Domestic Violence or Abuse
* with 30 day notice can get out of lease
* lease continues for other renters
Military Personnel
* military may terminate lease within 30 day notice

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19
Q

Tenant’s Basic Respomsibilotries

A
  • Keep unit clean and safe
  • Dispose of garbage
  • Keep plumbing fixtures clean
  • Not destroy alarms
  • Replace batteries in alarms
  • Comply with building and housing codes
  • Respomsible for damages that are: negligent and intentional
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20
Q

TP

Eviction (two categories)

A

Constructive Eviction: if landlord breaches their duties you can evict yourself
Actual Eviction: breach of lease for non-payment or compliance. Often referred to as **SUMMARY EJECTMENT **

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21
Q

NC Eviction Process

A
  • Held in small claims court
  • If a landlord is going to evict someone they must holder personal property for: 7 days (if valued $500 >; 5 days if valued < $500
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22
Q

Transfer of Rental Property

A
  • When a property is sold the new owners must honor th elease agreement
  • When a property is foreclosed and the new owner is going to live in the property they must give renters 90 day notice to move out

appurtenant: runs with teh land!!

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23
Q

Tenant Security Deposit Act

Note to self: there is a Q&A brochure on the NC residential site

A
  • Applies to all owners & landlords (except single room rentals)
  • All deposits go into a trust account
  • Must notify tenant within 30 days where the money is beiing hel
  • Maximum amount of deposit (can be weekly (2 weeks worth), monthly (1 1/2 months), yearly no more than 2 months)
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24
Q

TP

Peritted Use of Security Deposit

A
  • Non-payment of utilities
  • Damage to property
  • Unfulfilled lease term
  • Unpaid bills that create a lien
  • Costs of re-renting
  • Cost of removal and storage pf personal property
  • Costs associated with eveiction
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25
# TP Landlord CANNOT Deduct From Security Deposit
* Normal wear and tear * Carpet cleaning * Repaingting * Small nail holes and other non-intentional damage
26
Accounting for Security Deposits
* Deposit into account within 3 business days * Let renter know where the money is being depiositied * Return an itemized list of what was deducted and why (withiin 30 days). If they CANNOT, provide prelliminary and then a * Final accounting (within 60 days) ## Footnote Lease is appurtment: RUNS WITH THE LAND
27
Transfering a Rental Property
* Security deposits most transfer with the property upon sale * Prorated rent should be transefered as of date of sale
28
# TP Pet Deposits
* Landlords may allow or prohibit pets * Can charge a refundable or noon-refundable deposit * Landlords CANNOT charge a "pet deposit" for a service animal
29
Service & Assistive Animals
NOT considered pets
30
NC Vacation Rental Act
Shorter than 90 days Any person of entity who owns or manages the property
31
What is a vacation rental property
Owener has residnsure elsewhere Uses property for leisure Under 90 days Exemptions: hotels, mptels, etc.
32
Under the Vactaion Rental Agreement Act ## Footnote DREAMOILS: leases longer than 3 years have to be in writing and. recorded
Vacation rentals less than 90 days must also be in writing
33
Written Agreemtn is Non-Enforceable Unless
Tenant Signs agreement Or After receipt of the agreement the tenant: Paid monies Took possession
34
# TP Expedited Eviction Process for Vacation Rentals
* 4 hour noticed required! * Cases must be heard 12-48 hours
35
If renting a vacation rental (VRBO, Airbnb)
* Money must be held in a trust account (Bank with offices in NC) * 50% of payment is given until renter takes occupany
36
Handling of Vacation Rental Funds
* Disclose to tenant where funds are held * Must refund if cannot deliver occupancy * Tenant Security Deposit Act applies **EXCEPT**: * the time for returning deposit is 45 days vs. 30 days (typical rental/lease)
37
Sale of a Vacation Rental Property
* Always a "material fact" * New buyer MUST honor all reservations/agreements upto 180 days post closing * Copies of lease agreements must ne provided to the new owner **within 10 days of closing**
38
Travel Agent Referral Fees ## Footnote only other person who can earn a commission/referral fee vwithour a licence is atravel agent
Travel agents CAN earn a commission/referral fee WITHOUR having a realestate license
39
Non-Freehold Estates
Less than freehold Less than owenrship
40
Types of Non-Freehold Estates ## Footnote Talking about how the lease ends
* Estate for Years * Periodic Tenancy * ESTATE AT WILL * ESTATE AT SUFFERANCE ## Footnote Only need to know about first two types for test
41
Estate for Years ## Footnote vacation properties
* A DEFINITE period of time * A DEFINITE **start rental date** and **end rental date** * Automatically terminates at the end of tenancy (no notice required) ## Footnote No notice required "Years" menas date NOT Years!
42
# TP Periodic Tenanacy (Estate from Period to period)
Had an agreement for an initital period of time (aka 12 month lease). Differnec - termonation of the lease REQUIRES notice. * Example: if you sign a lease for 12 months, need to inform landlord you are moving out Notice Period: Week to week = 2 dyas Month to month = 7 days 1 year = 1 month ## Footnote Notice is required
43
Tenancy at Will
Allow someone on property (girll scout selling cookies)
44
Estate at Sufferance
Staying against landlords will
45
# TP Types of Leases
Gross Lease (residential) Net Lease (commercial) Percentage Lease (retail)
46
Gross Lease (residential)
Landlord pays taxes, insurance, etc.
47
Net Lease (commercial)
Tenant pays a flat fee AND a portion of maintenace, property Taxes, Insurance
48
Retail Lease (aka: Percentage Lease)
Lease agreement is based on a fixed amount plus a percentage of gross income or sales
49
Graduated Lease
Starts out low and increases over time
50
Index Lease
Tied to consumer price index (high rise)
51
Ground Lease ## Footnote dont need to know for test
* Renting or leasing the dirt * Typicall long (99 years) * Any improvements made become the property of the lessor
52
Oil and MIneral Lease ## Footnote review Oil and MIneral rights for test
* Required to be in writing in NC per the Statue of Frauds * Must be recorded * Disclosed in the transfer of propery (MOG)
53
A Vaid Lease Agreement Must Have
mutual agreemnt consideration legal capacity legal objective ## Footnote Form of a contract
54
Subleasing
* Tenants leasing their property out to another person * Need approval from porperty owner/manager * Original tenant is liable * Usually prohibited in residential agreements * This is used a lot in commercial properties
55
Sublease
Sublease Sandwich LessOR SubleaseEE LessEE
56
Lease Purchase vs. Lease Option
**Lease Purchase**: signed contract with executed purchase contract **Lease Option**: buyer is not obligated to buy
57
# TP Covenant of Quiet Enjoyment ## Footnote Note to self: know this for the test
58
Termination of Leases ## Footnote know for test: condemnation of propert
* Full performamce * End of lease terms * Mutual cancellation * **Condemnation of property (immenent domain) terminates a lease** * Fail to pay * Fail to maintain Death DOES NOT terminate the obligations of a lease
59
Affidavit of Possession
60
Applicatio ## Footnote REview Connor Act
Only leases for longerr than 3 years must be in writing to be enforceable in NC EXCEPTION: Vacation Rental Act Only leases for longer than 3 years must be recorded (Connor Act)
61
Connor Act ## Footnote Know this:

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