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13 Cards in this Set
- Front
- Back
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Percentage Rent?
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Lease in which rent is based on receipts of tenant's business
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Economic rent?
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rent property could command on open market
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Constructive eviction?
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occurs when the landlord lets property conditions get uninhabitable and force tenants to leave
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Gross Lease
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landlord pays ALL the expenses of property
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Net Lease
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tenant pays rent plus some of the expenses.
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Cooperative or co-op
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owned by corporation, tenant owns shares, corp pays for mortgage, property taxes, and maintenance
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Condominium
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each unit is a seperate legal ownership, taxes are seperate, Taxes are based on assessed value of unit
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What do condominium owners have to follow?
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by-laws
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What type of agent is a property manager?
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a general agent with broad scope of responsibilities. He needs E&O (errors n ommission) insurance
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what is a party wall?
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owners owe each other a duty of joint support. no action of one can harm positions of others.
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What type of certificate is required on new property?
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certificate of occupancy
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What is the main incentive to invest in real estate?
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tax advantages
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What are emblements?
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crops that are personal property
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