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Flashcards in RE - Set 03 Deck (25)
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1

GRADUATED LEASE

A lease calling for periodic increases in the rental payments; sometimes called a stair-step lease.

2

RETALIATORY EVICTION

An act whereby a landlord evicts a tenant in response to some complaint made by the tenant.

3

SANDWICH LEASE

A lease agreement created when a tenant sublets the property to another person, thus creating a sublessor-sublessee relationship. The person in the "sandwich" is a lessee to one party and a lessor to another.

4

WRIT OF POSSESSION

A court order directing the sheriff to remove the tenant and his or her possessions within 5 days.

5

FINANCING STATEMENT

A written notice filed with the county recorder by a creditor who has extended credit for the purchase of personal property; establishes the creditor's interest in the personal property, which is security for the debt.

6

PITI

Abbreviation for Principal, Interest, Tax, and Insurance as commonly found in an all-inclusive mortgage payment.

7

OR MORE CLAUSE

A clause in a promissory note that allows a borrower to pay a loan off early without penalty.

8

REAL ESTATE INVESTMENT TRUST (REIT)

A way investors with a small amount of capital can pool their resources to buy real estate.

9

DEREGULATION

A process by which financial institutions, that had formerly been restrained in their lending activities by the law, are allowed to compete freely for the profits in the marketplace.

10

PRINCIPAL

The original amount borrowed.

11

ESTATE FOR YEARS

A leasehold estate with a definite end date; must be re-negotiated; commonly used for commercial leases.

12

ESTATE FROM PERIOD TO PERIOD

A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be re-negotiated upon each renewal; commonly a month-to-month rental.

13

AXIAL GROWTH

City growth that occurs outward along main transportation routes; usually star shaped.

14

LANDLORD

Lessor; property owner.

15

ESTATE AT WILL

Possession of real estate belonging to another, with their permission, for an indefinite period of time; can be terminated by either the lessor or lessee; either party must give 30 days notice before ending the tenancy.

16

ESTATE AT SUFFERANCE

A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal.

17

PERCENTAGE LEASE

A lease in which the landlord receives a percentage of the gross sales as part or all of the rental payment.

18

RESIDENTIAL RENTAL PROPERTY

Property from which 80% or more of the gross rental income is income from dwelling units.

19

EVICTION

The legal process of removing a tenant from the premise for some breach of the lease.

20

SURRENDER

The voluntary giving up of a lease.

21

MANUFACTURED HOUSING

A housing unit primarily constructed in a factory and moved to a permanent site; another name for a mobile home.

22

SALES TAX

Collected as a percentage of the retail sale of a product by a retailer, and forwarded to the State Board of Equalization.

23

REDLINING

The use of a property's location to deny financing.

24

DEMISE

A conveyance of an estate in real property to someone for a certain length of time, as in a lease.

25

LESSEE

Tenant; renter