Principles 12 Flashcards Preview

Real Estate Principles > Principles 12 > Flashcards

Flashcards in Principles 12 Deck (59)
Loading flashcards...
1

Abandonment

Giving up possession or ownership of property by nonuse, usually accompanied by some affirmative act, such as removing one’s belongings from an apartment.

2

Civil rights housing act of 2006

As of January 1, 2007, extends protected classifications of the fair employment and housing act (FEHA) to all California laws prohibiting discrimination in housing and housing-related areas, including real estate licensure and mortgage lending, and automatically includes any protected classes that are added to FEHA.

3

Constructive eviction

Interference by the landlord in a tenant’s legitimate use of leased property, such as by making unwarranted alterations to the property.

4

Costa-Hawkins Rental Housing Act

California law that preempts rent control for new construction, single family residences, and multiunit buildings in jurisdictions with vacancy control ordinances.

5

Covenant of quiet enjoyment

Promise of a landlord, implied by law, not to interfere in the possession or use of leased property by the tenant.

6

Covenant to repair

Express or legally implied obligation of the landlord to make necessary repairs to leased premises.

7

Escalator clause

Provisions in a lease agreement for an increase in payments based on an increase in an index such as the consumer price index.

8

Estate at sufferance

The occupancy of a tenant after the lease term expires.

9

Estate at will

A tenancy in which the tenant’s time of possession is indefinite.

10

Estate for years

A tenancy for a fixed term

11

Estate from period to period

Periodic tenancy; a tenancy for a fixed term, automatically renewed for the same term unless owner or tenant gives the other written notice of intention to terminate the tenancy.

12

Eviction

Dispossession by process of law

13

Fair and accurate credit transactions act of 2003 (FACTA)

Federal law that amended the fair credit reporting act (FCRA) to create procedures to assist consumers who are victims of identity theft.

14

Fair Credit Reporting Act (FCRA)

Federal law detailing consumer rights in loan transactions involving credit reports.

15

Fair employment and housing act (FEHA)

California law that provides protection from harassment or discrimination in employment or housing on the basis of age(40 and over), ancestry, color, religious creed, denial of family and medical care leave, disability (mental and physical) including HIV and AIDS, marital status, medical condition (cancer and genetic characteristics), national origin, race, religion, sex, and sexual orientation.

16

Fair housing amendments act of 1988

Expanded federal protections against discrimination in provision of housing to include families with children and persons with disabilities.

17

Gross lease

Provides for the tenant to pay a fixed rental over the lease term, with the landlord paying all expenses of ownership, such as taxes, assessments, and insurance.

18

Holdover tenancy

Possession of property by a tenant who remains in possession after the expiration or termination of the lease term.

19

Landlord

-Lessor
-one who leases their property to another

20

Lease

A contract between landlord and tenant, conveying and setting forth the conditions of occupancy and use of the property by the tenant.

21

Lease assignment

Transfer of leasehold interest by tenant to another party, with first tenant secondarily liable for lease obligations unless landlord agrees to a release of first tenant from those responsibilities.

22

Leasehold

Interest in land or an estate which gives right of use for a certain length of time.

23

Lease option

A lease accompanied by the right to purchase the leased property within a specified period for a specified or determinable price.

24

Lessee

One who leases property owned by someone else.

25

Lessor

Landlord or property owner

26

Mobilehome residency law (MRL)

Portion of California civil code that regulates manufactured (mobile) home rental agreements, charges, grounds for eviction, and eviction procedures.

27

Net lease

A specified net income to the landlord, with the tenant paying that amount plus all operating and other property expenses, such as taxes, assessments, and insurance.

28

Notice to pay or quit

Notice by a landlord to a tenant who has defaulted in payment of rent that the amount owed must be paid within three days of the notice or the tenant must vacate and surrender possession of the premises.

29

Percentage lease

Provides for rent as a percentage of the tenants’s gross income, usually with a minimum base amount; the percentage may decrease as the tenant’s income increases.

30

Periodic tenancy

Same as estate from period to period