Chapter 6 Flashcards
(20 cards)
A clause in a contract the emphasizes punctual performance as a requirement of the contract
Time is of the essence clause
A contract between an owner and tenant
Lease
A contract to keep open, for a set period of time, an offer to purchase real property
Option
A lease for only the land
Ground lease
A lease is used for single-family homes and duplexes
Residential lease
An eviction that occurs in revenge for some complaint made by the tenant
Retaliatory eviction
An index used for rent adjustments on commercial leases
CPI
Clause in a contract that allows parties to the contract to decide in advance the amount of damages to be paid, should either party breach the contract
Liquidated damages
Contract that acts as the receipt for earnest money given by the buyer to secure an offer, as well as being the basic agreement, between the buyer and seller
Deposit receipt
A lease used on co-op apartment buildings
Proprietary lease
An agreement used if a buyer takes possession of a property prior to close of escrow
Interim occupancy agreement
Payment for the use of a property
Rent
The interest of the lessor
Leased fee estate
The transfer of the entire leasehold estate to a new person
Assignment
The tenant pays an agreed-upon sum as rent, plus certain agreed-upon expenses per month (taxes, insurance, and repairs)
Net lease
The rejection of an original purchase offer and the submission of a new different one
Counteroffer
The property will be maintained to meet bare living requirements
Implied warranty of habitability
The person who owns the property and signs the lease to give possessions and use to the tenant
Lessor
The legal remedy to remove a tenant
Unlawful detainer action
Money given to a landlord to prepay for any damages that might occur to a property dying a lease term that is more than just normal wear and tear
Security deposit
