Unit 17: Leases Flashcards

(25 cards)

1
Q

The legal process that results in a tenant’s being physically removed from leased premises.

A

Actual Eviction

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2
Q

Actions of a landlord that so materially disturb or impair a tenant’s enjoyment of the leased premises that the tenant is effectively forced to move out and terminated the lease without liability for any further rent.

A

Constructive Eviction

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3
Q

The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate buy who continues to occupy the premises improperly after the lease rights have expired.

A

Estate (Tenancy) At Sufferance

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4
Q

An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.

A

Estate (Tenancy) At Will

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5
Q

An interest for a certain, exact period of time in property leased for a specified consideration.

A

Estate (Tenancy) For Years

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6
Q

An interest in leased property that continues from period to period - week to week, month to month, or year to year.

A

Estate (Tenancy) From Period to Period

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7
Q

A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases.

A

Gross Lease

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8
Q

A lease of land only, on which the tenant usually owns building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant’s rights and obligations continue until the lease expires or is terminated through default.

A

Ground Lease

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9
Q

A tenancy in which a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy as defined by state law.

A

Holdover Tenancy

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10
Q

A lease under which the tenant has the right to purchase the property at an agreed-upon price either during the lease term or at its end.

A

Lease Option

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11
Q

The purchase of real property, the consummation of which his preceded by a lease, usually long term, that is typically done for tax or financing purposes.

A

Lease Purchase

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12
Q

A tenant’s right to occupy real estate during the term of a lease, generally considered a personal property interest, although a long-term lease may be eligible for treatment as real property for financing purposes.

A

Leasehold Estate

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13
Q

A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent). By state law, leases for longer than a certain period of time (generally one year) must be in writing to be enforceable.

A

Lease

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14
Q

A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written), a tenancy is generally considered to be month to month.

A

Month-to-month Tenancy

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15
Q

A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.

A

Net Lease

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16
Q

A mortgage clause stating that the mortgagee agrees not to terminate the tenancies of the lessees in the event the mortgage forecloses on the mortgagor-lessor’s building.

A

Nondisturbance Clause

17
Q

A lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount.

A

Percentage Lease

18
Q

The right given by a lease to the tenant to purchase the property at a predetermined price within a certain period, possibly the lease term.

A

Purchase Option

19
Q

A clause in a lease that grants the lessee the privilege of renewing the lease.

A

Renewal Option

20
Q

A fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties.

21
Q

The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease.

A

Reversionary Right

22
Q

A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party.

A

Right of First Refusal

23
Q

A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default or on destruction of the premises by the tenant.

A

Security Deposit

24
Q

The perceived value of an item based on the benefits given to the owner.

A

Subjective Value

25
A court suit initiated by a landlord to evict a tenant from leased premises after the tenant has breached one of the terms of the lease or has held possession of the property after the lease's expiration.
Suit For Possession