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47 Cards in this Set
- Front
- Back
An __-site property manager must be a
licensed real estate broker, but __-site residential managers do not need a real estate license. |
off; on
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A leasehold where a lessee retains possession of the property after the expiration of a lease, its called _________________.
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estate at sufferance
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A lessee’s estate for years is converted to an estate at sufferance until a decision is made about the future rights of the lessee. The landlord can enter into another lease agreement or ask the lessee to __.
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leave
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After a period of time, an estate at
sufferance may be considered a periodic (month-to-month) __. (this is the estate where they won't leave and can be evicted) |
tenancy
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Estate (tenancy) at will: A leasehold that can be terminated without notice at any time by the lessor or the lessee. Usually when an owner loses the property after a __, causing the previous lease to be invalid.
"...at will" = staying after being foreclosed on "...at sufferance" = staying after the lease ends |
foreclosure
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Estate for years (tenancy for a __ term): A leasehold that continues for a fixed time span. The term estate for years is __ because the fixed time span can be for a day, a week, a month, a year, or years.
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fixed; misleading
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Estate from period to period (periodic tenancy): A(n) __ that continues from period to period (day, week,month, or year). A month-to-month lease is an example.
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leasehold
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Gross lease: The tenant pays a flat rental amount, and the landlord
is responsible for taxes,maintenance, and __. |
insurance
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Under a lease with option to buy, property is rented for a period of time, at the end of which the lessee is given the right to purchase per a set of agreed terms. Owner must __ if renter wants to buy.
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sell
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Under a first right of refusal,
the lessor (landlord) is not required to sell. However, if the lessor does wish to sell, the lessee (tenant) is given the first __ to buy. |
chance
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Triple net lease (or 'net lease'): The tenant pays rent; the tenant also pays the landlord’s property taxes, hazard insurance, and maintenance (a helpful acronym is __).
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TIM
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Percentage lease: Rent is based on a percentage of the tenant’s
gross sales—this type of lease often uses a combination flat rent plus a certain percentage of any revenue earned while doing business on the rental premises. Usually, the higher the tenant’s gross sales, the smaller the percentage; and the lower the tenant’s sales volume, the __ the percentage. |
higher
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A sublease transfers only a part of the term of the lessee to a
sublessee. The original lessee is still __ to the lessor (landlord) for the terms and conditions of the lease. |
liable
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An 'assignment of a lease' transfers the entire leasehold interest to another party, including the prime responsibility to make __ to the lessor (landlord).
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payments
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When subletting, lessee is said to hold a sandwich lease. In other words, Lessee is wedged between the lessor and the __.
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sublessee
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Security deposit: Within __ days, refund the security deposit, less damages __ normal wear and tear.
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21; beyond
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Mobile home tenant in a park cannot be evicted unless: illegal, annoying, disobeys rules, park changes, condemned by __.
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government
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If a landlord commits an illegal act (change locks, turn off water) to evict, the tenant can sue the landlord for '__ eviction'.
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constructive
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Unlawful Detainer Action, 1 of 4:
Landlord serves the tenant with a three-day notice (didn't pay rent or broke lease) or 30-day notice (__wants them out). |
landlord
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Unlawful Detainer Action, 2 of 4:
If the tenant fails to abide by the 3 or 30 day notice, the landlord files an unlawful detainer action in __ court. |
superior
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Unlawful Detainer Action, 3 of 4:
If the landlord wins, the court awards the landlord a judgment. The landlord then asks for a writ of __ authorizing the sheriff to evict the tenant. |
possession
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Unlawful Detainer Action, 4 of 4:
The sheriff sends the tenant an eviction notice; if the tenant fails to leave, the sheriff physically __ the tenant. |
removes
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Serving notice: must be in person, or given to someone 18 and over living there, or pinned to the door. Slipping it under the door or in mailbox is not __.
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enough
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Landlords bring unlawful detainer actions in superior court. You should have an attorney in case they __.
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appeal
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After a writ of possession has been granted to the landlord, the sheriff sends the tenant an eviction notice. 5 days later, they __ remove them.
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forcibly
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From a pure cost point of view, sometimes it is cheaper to pay the tenant to move, rather than bear the __ of an unlawful detainer action.
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cost
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A lessee is given __ in exchange for rent.
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possession
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Leases on urban property cannot exceed __ years, whereas leases for agricultural land cannot exceed __ years.
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99; 51
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A(n) __ clause allows the landlord to raise the rent during the term of the lease.
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escalator
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Landlord’s duties and rights include: an implied condition of habitability, advance notice prior to __, 30 or 60-day advance notice when ordering the tenant to vacate, and an obligation not to __ when renting property.
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inspection; discriminate
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Sometimes, a tenant can use a rent
offset for repairs if the property falls below __ housing standards, up to one month's rent. |
habitable
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Leases can be terminated by expiration of time, mutual __, destruction of the premises, government action, and __ of terms and conditions.
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consent; breach
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An assignment of a lease transfers liability to the new __.
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occupant
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On a residential rental, a security deposit cannot exceed more than
__ months’ rent on unfurnished dwellings or __ months’ rent on a furnished unit. |
2; 3
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A landlord who is using uniform application must accept __.
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children
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Valid Leases, 1/8: Longer than one year must be in __.
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writing
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Valid Leases, 2/8:
Contain the names of the lessor and __. |
lessee
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Valid Leases, 3/8:
Contain a sufficient description of the property. In some cases, a street __ is sufficient. |
address
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Valid Leases, 4/8:
Show the amount of rent and the manner of __. |
payment
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Valid Leases, 5/8:
State the duration or time __ the lease is to run. |
period
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Valid Leases, 6/8:
Be signed by the lessor. Technically a lessee does not need to sign the lease to make it valid.The lessee’s __ of the property is considered to be acceptance of the agreement. |
possession
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Valid Leases, 7/8:
Have a lessor and a lessee who are legally able to __. |
contract
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Valid Leases, 8/8:
Have any renewal or extension provisions in __ type. |
boldface
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The interest a tenant has in real estate is known as ______ estate.
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less than freehold
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No security deposit can be labeled ___.
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non refundable
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The mobile home tenant who is in violation must be given at least a __-day notice.
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60
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An apartment building or complex with __ or more rental units must have an on-site residential manager
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16
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