Flashcards in Chapter 6 - Landlord and Tenant; Lessor and Lessee Deck (17):
A ____ agreement is different from a lease in that it is usually made on a monthly basis (but really any period up to a year) and is renewable at the end of each period.
A chattel real is a _______ property estate, such as a lease.
The owner has reversionary interest, which means that he or she can regain possession t the ___ of the leasehold period.
end of the leasehold
A conveyance of an estate in real property, such as a lease, to someone for a certain length of time is called a ______.
If the lease period is longer than one year from the date of the signing, it must be in ______ and signed by the ______.
writing and signed by the lesoor
Leases required LAND:
Length or duration
Amount of rent
Names of parties
Description of property
The maximum rental agreement security deposits for a residential property (in addition to first month's rent) is ____ months' rent for an unfurnished property and _____ months' rent for a furnished property.
2 months and 3 months
A _______ lease is a leasehold interest in a property that lies between the primary (ownership) interest and the operating (tenancy) interest. They're essential tenant and landlord in a way.
When the buyer takes possession prior to transferring title, the document he/she would shave the buyer and sell execute is called an " _____ __________ ___________"
Interim occupancy agreement
______ is the legal process of removing a tenant because there is a breach of the lease or rental agreement.
Eviction; Three-day notice to pay rent or quit (eviction notice).
A ___________ lease provides for a varying rental rate. It is often based upon future determination, such as periodic appraisals.
With a ______ lease, the lessee pays only a rental fee.
In a ___ lease the lessee pays the property taxes, insurance and other operating costs in addition to rental payments.
What's a triple net lease?
fire and hazard insurance
and assessments or other operating expenses.
Who is a property manager?
Is a licensed real estate person who is paid to oversee the proper management and operations of rental and commercial property.
Residential managers are tenants of the property who rent units, handle tenants' complains and maintain the premises. They are/are not required to have a real estate license.
Are not required. But they're required if they want to manage a place they are not living.