Il Real Estate Ch#17

Front 1

Define estate at sufferance:

Back 1

the tenancy of a lessee who lawfully comes into possession of a landlord's real estate but who continues to occupy the premises improperly after his/her lease rights expired

Front 2

Define lease:

Back 2

a written or oral contract between a landlord and a tenant that transfers the right of exclusive possession and use of the landlord's real property to lessee(tenant) for a specified period of time and for a stated consideration(rent)

Front 3

Define lessee:

Back 3

tenant in a lease

Front 4

Define lessor:

Back 4

landlord in a lease

Front 5

Define ground lease:

Back 5

a lease of land only,on which the tenant usually owns a building or is required to build as specified in the lease--such leases are long-term net leases

Front 6

Define gross lease:

Back 6

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

Front 7

Define implied warranty of habitability:

Back 7

a theory in landlord/tenant law in which the landlord renting residental property implies that the property is habitable and fit its intended use

Front 8

Define assignment:

Back 8

the transfer in writing of interest in a bond,mortgage,lease,or other instrument

Front 9

Define cash rent:

Back 9

in an agricultural lease, the amount of money given as rent to the landowner at the outset of the lease,as opposed to sharecropping

Front 10

Define constructive eviction:

Back 10

actions of a landlord that so materially distrub or impair a tenant's enjoyment of the leased premises that the tenant is effectively forces to move out & terminate the lease without liability for any futher rent

Front 11

Define actual eviction:

Back 11

the legal process that results in the tenants being physically removed from the leased premises

Front 12

Define lease purchase:

Back 12

the purchase of rel property,the consummation of which is preceded by a lease,usually long-term--typically done for tax or financing purposes

Front 13

Define net lease:

Back 13

a lease requiring that the tenant pay not only rent but also costs incured in maintaining the property,including taxes,insurance,utilities, and repairs

Front 14

Define estate at will:

Back 14

an estate that gives the leassee the right to possession until the estate is terminated by either party; the term of the estate is indefinite

Front 15

Define holdover tenancy:

Back 15

a tenancy whereby a lessee returns possession of leased property after the lease has expired & the landlord, by continuing to accept rent,agrees to the tenants continued occupancy as defined by state law

Front 16

Define estate from period to period:

Back 16

an interest in leased property that continues from period-to-period;week to week,month to month,or year to year

Front 17

Define month-to-month tenancy:

Back 17

a periodic tenancy under which the tenant rents for one month at a time--in the absence of a rental agreement,a tenancy is generally considered to be month to month

Front 18

Define leasehold estate:

Back 18

a tenant right to occupy real estate during the term of a lease,generally considered to be a personal property interest

Front 19

Define estate for years:

Back 19

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

Front 20

Define rental-finding service:

Back 20

any business that finds,attempts to find,or offers to find for any person for consideration a unit of rental real estate

Front 21

Define sharecropping:

Back 21

in an agricultural lease,the agreement the landowner & the tenant farmer to split the crop or the profit from its sale,actually sharing the crop

Front 22

Define percentage lease:

Back 22

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

Front 23

Define triple-net lease:

Back 23

a lease where the tenant pays all operating and other expenses in addition to rent

Front 24

Define sublease:

Back 24

the leasing of premises by a lessee to a third party for part of the lessee's remaining term

Front 25

Define security deposit:

Back 25

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

Front 26

Define reversionary right:

Back 26

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

Front 27

Name 4 leasehold estates:

Back 27

1)estate for years
2)estate from period to period
3)estate at will
4)estate at sufferance

Front 28

What are the 5 requirements of a valid lease:

Back 28

Capacity
Legal objective
Offer
Acceptance
Consideration

Front 29

7 types of leases:

Back 29

1)gross lease
2)net lease
3)percentage lease
4)variable lease
5)ground lease
6)oil & gas lease
7)lease purchase

Front 30

Under an assignment, who is primarily liable for the rent?

Back 30

assignee

Front 31

Under a sublease, who is primarily liable for the rent?

Back 31

lessee/sub-lessor

Front 32

Who can forcibly evict the tenant?

Back 32

sheriff