Mod 8 - Leases, Real Estate Taxes, Real Estate Appraisal Flashcards Preview

NJ Real Estate Exam EO > Mod 8 - Leases, Real Estate Taxes, Real Estate Appraisal > Flashcards

Flashcards in Mod 8 - Leases, Real Estate Taxes, Real Estate Appraisal Deck (18)
Loading flashcards...
1

an agreement to transfer the possession of and the right to use property from one party to another for a specific period of time

lease

2

a conveyance and a contract

a lease

3

Why is a lease a conveyance and a contract

Conveyance - transfers the right of possession and use of property; contract - sets the amount to be paid and obligations of both parties

4

a voluntary agreement between 2 or more parties to do or not to do certain acts

contract

5

the transferring of an estate by a lease; death

demise

6

what is a demise?

the transferring of an estate by a lease; death

7

In a lease, what type of ownership/interest does the landlord (2) have? the tenant (1)?

the landlord has both a leased fee and a reversionary interest. the tenant has a leasehold estate

8

the interest that the owner (lessor) of real estate has in real estate that has been leased to another

leased fee

9

the type of estate created by a lease; estates for a definite limited period of time

leasehold estate, non free hold estate

10

T or F: all leases have a beginning and ending date

F: all leases have a beginning date but only estate for years has an ending date

11

T or F: a holdover tenant is a trespasser

F: holdover tenant are not considered trespasser because they came into possession lawfully

12

when a tenant or other person in possession of any real property willfully and without force, holds over any such real property after demand and notice in writing is given for the delivery of the possession of the property by a lessor

unlawful detainer

13

How does a lessor get rid of a hold over tenant

They must serve the tenant a written notice to quit demanding that the tenant surrender possession of the premises. and if the tenant does not, they lessor may stat a formal eviction action

14

Can a lessor accept money from a holdover tenant during an estate at sufference

yes, but then it is no longer an estate at sufferance, it becomes an estate from period to period

15

a notice given by the landlord to a tenant ending the tenancy and telling the tenant to leave the premises

notice to quit

16

a notice given by the landlord to a tenant that serves as a warning notice. the notice tells the tenant to stop certain wrongful conduct within the premises

notice to cease

17

a law requiring that certain contracts be in writing in order to be enforceable and or admissible as evidence in a court of law

statute of frauds

18

According to the statute of frauds, what kind of lease needs to be in writing

leases of real estate for more than 3 years