Section 3 - Chapter 17 Flashcards Preview

Real Estate > Section 3 - Chapter 17 > Flashcards

Flashcards in Section 3 - Chapter 17 Deck (29):
1

lease is:

a contract between owner of real estate (lessor) and a tenant (the lessee); sets time/length and price

2

reversionary right:

lessor receives property back after lease is up

3

lessor's interest is called:

a leased fee estate plus reversionary right

4

statute of frauds says:

lease agreements be in writing to be enforceable if they are for more than one year; written rule also applies to leases for less than a year not being performed within one year of contract date

5

verbal leases:

for one year or less that can be performed within a year are enforceable

6

leasehold estate:

the tenant's right to possess real estate for the term of the lease; considered personal property

7

"estate for years"

a lease for a definite period of time

8

"tenancy for years"

any definite period

9

"estate from period to period" - periodic tenancy

an agreement for an indefinite time period; characterized by continuity, automatically renewable

10

holdover tenancy

lease is up, but tenant can keep paying to keep it going for a temporary time

11

"estate at will"

tenant can possess property with the landlord's consent for an unspecified or uncertain term; indefinite duration

12

"estate at sufferance"

tenant who lawfully possessed real property continue possession without landlord's consent

13

lease agreements may be

written, oral or implied

14

use restrictions say:

what a lessee can and cannot use the space for

15

perpetual leases usually are deemed:

invalid unless specifically stated in lease that it's indefinite

16

landlord typically is responsible for

maintenance of property, safe habitat,

17

lease transfers from tenant to another person are called;

assigned

18

less-than-full interest transfers from tenant to new tenant is called:

sublease; sublet

19

nondisturbance clause:

mortgage clause saying that can't terminate paying rentors if mortgagee forcloses

20

gross lease:

lessee pays basic rent, that's all

21

net lease:

lessee pays rent plus some or all of property charges

22

triple-net lease:

lessee pays rent plus ALL other property charges

23

percentage lease:

rent + percentage of gross income generated through that lease property

24

graduated and index leases allow:

changes in rent during the lease periods

25

ground lease is:

lease land to someone who improves the land with a building; usually separate ownership of land and building

26

lease purchase used when:

tenant wants to buy the property but can't do so

27

sale-and-leaseback

owners sell then lease back

28

actual eviction is:

landlord's process to reclaim property

29

constructive eviction:

tenant's right to terminate lease based on breach of lessor