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32 Cards in this Set
- Front
- Back
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Abandonment |
Vountary surrender of a right, claim, title, or possession of real property with the intention to never again reclaim ownership, and without vesting interest in any other person |
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Actual Eviction |
Notice which consists of actual knowledge |
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Disposition |
The right that gives the tenant the right to assign, sublet, or leave by will(bequeath) his/her interests in the leased property for the remaining period of the lease |
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Assignee |
One to whom a transfer of interest is made |
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Assignor |
One who makes and assignment |
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Assignment |
The transfer of the right and interest in the property of one person to another |
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Construction Eviction |
Action or incation by a landord which makes use o the premises, by the tenant, impossible or undesirable |
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Desposses |
The right of the landlord to take legal action to remove the tenant from occupancy |
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Ejectment |
The action, initiated by the owner or his/her agent, to ragain possession of his/her property |
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Demise |
The conveyance by a lease |
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Demised Property |
The leased prperty that is conveyed by a lease |
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Subleased |
When a tenant rents a room to someone |
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Assigned |
When a tenat who has turned over the whole demised premises for all of the remaining term, with the approval of the lessor |
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Holdover |
When a leaseholder who is still in possesssion of the demised premises after the epiraion of the lease |
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Repossess |
To take back property after the lease has expired |
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Concessions |
Benefits that are offered by the landlord to his tenants |
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Percentage Lease |
Usually paid by a commercial tenant, based on a percentage of the tenant's gross sales |
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Net Lease |
The tenant pays part or all of the operational and maintence costs of the property |
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Gross Lease |
The landlord pays all operating expenses, taxes, and insurance |
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Index Lease |
Provides for periodic rent increases or decreases at specific intervals stated in the lease |
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Ground Lease |
The tenant uses the land of another to build a builing |
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Property Analysis |
Determine what the average operating cost of maintaing the property is and how to develop a true estimate of the rental value of that property's space |
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Market Analysis |
A report that include population, land use, and economic information for the area surrounding the property |
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Operating Budget |
Budget that enables the property manager to predict income flow, identify fixed expenss, and identify variable expenditures |
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Surety Bonds |
A contract that is used to secure the proper performance of duties by persons in positions of trust as in the situation where empoyees hadle trust funds for which the property manager is required to account. |
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Quiet Enjoyment |
The tenant's right to uninterrupted use of hte leased property wihout interference from the lessor |
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Step Lease |
The clause within the lease agreement that allows for the upward or downward or downward adjustment of the rent |
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Voluntary Waste |
Any positive, unreasonable act by a tenant which results in injury and damage to leased property |
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Writ of Ejectment |
A formal witten order by a magistrate which orders a tenant to vacate the property at once |
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Replevin |
The redelivery, to the owner, of a thing taken in distress. Also a personal action brought to recover the possession of goods distrained for rent. |
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Permissive Waste |
Ommission or failure to act to prevent injury to the leased property, which results in damage |
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Owner's Objecives |
A management plan that generally includes cash flow, value of investment, and social walfare |
