Leasing & Property Mgmt. Flashcards
the tenant stays after the right to possess has terminated. The tenant is known ad a holdover tenant.
Estate at sufferance
the lease’s duration is unknown when it’s created
Estate at will
the lease terminates automatically when the specified period (day, week, month, year, etc.) ends.
Estate for years
the lease automatically renews at the end of each period specified in the lease
Periodic estate
type of lease which tenant pays some or all of the property’s costs in addition to rent.
net lease
a new lease agreement between the tenant/lessee as sublessor and a third party as sublessee for all or a portion of the leased premises
sublease
lease in which tenant pays for property taxes, insurance, and maintenance along with the rent.
triple net lease
a triple net lease, in which the tenant is also responsible for all building expenses and repairs, including roofing and structural repairs.
absolute net lease
type of lease in which the landlord pays all expenses related to the property (such as taxes, repairs, insurance, utilities, maintenance) while the tenant pays the fixed rent.
gross lease (full-service lease)
type of lease in which the tenant pays a base rent plus an additional charge that’s a % of the tenant’s gross sales, once a specific breakpoint is met. Landlord usually pays all property costs, but this may not always be the case.
percentage lease
type of lease which allows specific rent increases at future dates; increases can be based on a number of factors: changes to appraised value, index, or time.
graduated lease
lease in which one party owns the land and a different party owns the improvements
ground lease
lease which provides rental of floor space of wide-open loft spaces; tenant may divide the space but can’t make structural changes
loft lease
when a tenant wants to buy a property but can’t (either due to financing, title, or tax issues) this may be an option; the tenant makes rental payments, and a portion of that payment is applied to the property’s purchase price - this continues until the tenant can purchase the property outright
lease purchase
often used for minerals, oil, or gas; a company will enter into a lease agreement with the landowner, in order to explore land/look for minerals, in exchange for a cash payment to the landowner.
sub-surface leasing rights
a sample law that states may follow in enacting their own landlord-tenant legislation; purpose of this act it to base landlord-tenant law on contract law instead of common law.
URLTA (Uniform Residential Landlord Tenant Act)
the legal process used to physically remove the tenant
actual eviction
the tenant is prohibited from quiet enjoyment of the premises and vacates prior to termination of the lease agreement.
constructive eviction
the landlord takes matters into his own hands and evicts the tenant w/o using legal procedures
self-help eviction
usually covering a one year period, this report projects the income and expenses of operating the property.
Operating budget
usually created monthly, this report shows the current financial status of a property (accounts for income received and expenses paid)
Cash flow report
prepared on a monthly, quarterly, semi-annual, or annual basis; this report shows whether the property profited during the period or suffered a loss.
Profit and loss statement
this report compares actual results from the profit and loss statement, to those projected on the operating budget.
Budget comparison statement
manipulates owners into the fear that the entry of a protected class will negatively impact property values to encourage an owner to rent or sell.
blockbusting
