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195 Cards in this Set
- Front
- Back
- 3rd side (hint)
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(DEFINITION) TRANSFER A LEASEHOLD AGREEMENT OR ESTATE IS REFERRED TO AS? |
DEMISE |
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(DEFINITION) TRANSFER OF REAL PROPERTY THROUGH A WILL |
DEVISE |
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A LEASE SEPARATES WHICH TWO OF THE RIGHTS OF OWNERSHIP: |
OWNERSHIP AND POSSESSION |
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(DEFINITION) IS AN AGREEMENT BETWEEN TWO PARTIES FOR POSSESSION AND USE OF THE SPACE AND IS FOR A CERTAIN LENGTH OF TIME. |
LEASE |
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TENANTS RIGHTS ARE EXCLUSIVE FOR: |
POSSESSION AND USE
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A LEASE FOR A PERIOD LONGER THAN 1 YEAR MUST BE IN WRITING TO BE ENFORCEABLE IS REQUIRED UNDER WHAT? |
STATUTE OF FRAUDS |
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AN ORAL LEASE FOR ONE YEAR OR LESS MAY BE WHAT? |
ENFORCEABLE |
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TYPICALLY LEASES FOR THREE YEARS OR LONGER ARE WHAT? |
RECORDED |
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WHAT IS THE CONSIDERATION FOR THE USE AND POSSESSION OF THE PROPERTY IS? |
RENT |
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IS RENT PAID IN ARREARS OR IN ADVANCE? |
IN ADVANCE |
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THE LANDLORD OR THE LESSOR STILL OWNS THE PROPERTY BUT HAS GIVEN POSSESSION TO THE TENANT. THE LESSOR HAS WHAT TYPE OF INTEREST? |
REVERSIONARY INTEREST |
PROPERTY REVERTS BACK TO THE LESSOR. |
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WHEN DOES A LEASE NOT HAVE TO BE IN WRITING? GIVE TWO EXAMPLES |
BROKER TO BROKER AND LEASE IS LESS THAN A YEAR |
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NAME THE FIVE RIGHTS IN THE BUNDLE OF RIGHTS? |
RIGHT OF DISPOSITION, ENJOYMENT, EXCLUSION, POSSESSION AND CONTROL |
DEEPC |
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LEASES MAY BE TERMINATED FOR? |
EXPIRATION OF THE TERM (LEASE EXPIRED), REQUIRED NOTICE GIVEN, SURRENDER AND ACCEPTANCE (MUTUAL AGREEMENT), BANKRUPTCY (TENANT'S), DESTRUCTION OF PREMISES, EMINENT DOMAIN, MERGER (TENANT BECOMES OWNER), BREACH (BREACH BY EITHER PARTY) |
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WHEN A TENANT BREACHES ANY LEASE PROVISION, THE LANDLORD MAY SUE THE TENANT TO OBTAIN A WHAT? |
JUDGEMENT TO COVER PAST DUE RENT, DAMAGES OR OTHER DEFAULTS |
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UPON BREACH THE LANDLORD MAY REGAIN POSSESSION THROUGH THE LEGAL PROCESS KNOWN AS? |
ACTUAL EVICTION |
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THE LANDLORD MUST SERVE WHAT TO THE TENANT PRIOR TO THE LAWSUIT?
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SERVE NOTICE |
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WHEN A TENANT DEFAULTS IN THE PAYMENT OF RENT HOW LONG OF A NOTICE IS REQUIRED? |
5 DAYS NOTICE |
# OF DAYS |
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WHEN THE COURT ISSUES A JUDGEMENT FOR POSSESSION TO A LANDLORD, THE TENANT MUST DO WHAT? |
VACATE THE PROPERTY |
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IF THE TENANT FAILS TO LEAVE AFTER A NOTICE TO VACATE THE PROPERTY, THE LANDLORD CAN HAVE THE JUDGEMENT ENFORCED BY? |
A COURT OFFICER LIKE A MARSHAL OR SHERIFF |
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IN SOME STATE'S THE LANDLORD HAS THE RIGHT TO SEIZE THE TENANT'S PROPERTY FOR RENT IN ARREARS, GENERALLY BY CHANGING THE LOCKS AND GIVING NOTICE. THIS IS CALLED? |
DISTRAINT |
IT IS NOT LEGAL IN ARIZONA |
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TERMINATES THE LEASE AGREEMENT WHEN THE TENANT PROVES THE PREMISES HAVE BECOME UNUSABLE BECAUSE OF THE CONSCIOUS NEGLECT OF THE LANDLORD IS CALLED? |
CONSTRUCTIVE EVICTION |
TYPE OF EVICTION
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2009 FEDERAL LAW CHANGED TO PROTECT RESIDENTIAL RENTERS WHAT DID THIS REQUIRE? |
UNLESS THE PERSON WHO BUYS THE HOME IN A FORECLOSURE SALE WANTS TO LIVE THERE, THE NEW OWNER MUST HONOR THE LEASE UNTIL IT EXPIRES. |
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CALLED DISTRAINT, IS IT LEGAL FOR A LANDLORD IN ARIZONA TO SEIZE A TENANT'S POSSESSION? |
DISTRAINT IS NOT LEGAL IN ARIZONA |
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IF A NEW OWNER WANTS TO LIVE IN THE FORECLOSURE RENTAL HOME THEY PURCHASED, THEY MUST GIVE THE TENANT HOW MANY DAYS NOTICE TO VACATE THE PROPERTY? |
90 DAYS |
ABOUT THREE MONTHS OR # OF DAYS |
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WHAT ARE THE FOUR TYPES OF LEASEHOLDS? |
1) ESTATE FOR YEARS 2) PERIODIC ESTATE 3) ESTATE AT WILL 4) ESTATE AT SUFFERANCE |
HINT: YEARS, PERIODIC, WILL, SUFFERENCE |
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WHEN A TENANT DEFAULTS IN THE PAYMENT OF RENT HOW MANY DAYS NOTICE IS REQUIRED FOR ACTUAL EVICTION? |
5 DAYS |
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AN ESTATE FOR YEARS IS A LEASE AGREEMENT WITH WHAT? |
BEGINNING DATE AND AN ENDING DATE |
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UNDER AN ESTATE FOR YEARS THE TENANT IS REQUIRED TO LEAVE WHEN THE LEASE IS UP AND THE TENANT IS NOT REQUIRED TO GIVE WHAT? |
NOTICE THAT THEY ARE LEAVING THE PROPERTY |
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UNDER ESTATE FOR YEARS DOES THE LEASE RENEW AUTOMATICALLY? |
NO, BUT A NEW LEASE CAN BE NOGOTIATED |
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UNDER AN ESTATE FOR YEARS WHAT IS THE TERM? NOTICE? AND TERMINATION? |
TERM: BEGINNING AND ENDING DATE NOTICE: NO NOTICE REQUIRED TERMINATION? NOT BY SALE OF THE PROPERTY OR BY DEATH OF LANDLORD OR TENANT TERM WHEN LEASE EXPIRES |
SUMMARY FOR ESTATE FOR YEARS |
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UNDER AN ESTATE FOR YEARS IS THE TENANT'S ESTATE LIABLE FOR PAYMENT OF RENT IF THE TENANT DIES? |
YES |
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UNDER ESTATE FOR YEARS DOES THE LANDLORD'S DEATH END THE LEASE? |
NO, THE LANDLORD'S ESTATE REMAINS BOUND TO PROVIDE OCCUPANCY DESPITE THE LANDLORD'S DEATH |
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THIS ESTATE OCCURS WHEN THE ORIGINAL AGREEMENT DOESN'T CONTAIN ANY DEFINITE PERIOD OF TIME IS CALLED? |
PERIODIC ESTATE |
EX: MONTH TO MONTH LEASE |
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UNDER A PERIODIC ESTATE DOES THE LEASE AUTOMATICALLY RENEW? |
YES, IT AUTOMATICALLY RENEWS ITSELF FROM PERIOD TO PERIOD |
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UNDER THIS LEASE THE RENEWAL IS UNDER THE ORIGINAL TERMS AND CONDITIONS REMAINING IN EFFECT UNLESS THE LANDLORD AND THE TENANT RENEGOTIATE THE AGREEMENT. WHAT TYPE OF LEASE IS THIS? |
PERIODIC LEASE |
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IN ORDER TO TERMINATE THE LEASE UNDER A PERIODIC LEASE WHAT IS REQUIRED? |
NOTICE IS REQUIRED |
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WHAT IS THE NOTICE PERIOD UNDER A PERIODIC LEASE? |
THE NOTICE PERIOD IS THE SAME TIME PERIOD OF LEASE. EX: MONTH TO MONTH NEED TO GIVE A MONTH'S NOTICE |
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PERIODIC ESTATE SUMMARY? TERM? NOTICE? TERMINATION? |
TERM? CONTINUES UNTIL NOTICE IS SERVED NOTICE? REQUIRED SAME PERIOD AS THE PERIOD OF THE LEASE TERMINATION? NOT BY SALE OF PROPERTY OR DEATH OF EITHER PARTY |
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EXCEPTION TO THE NOTICE UNDER PERIOD LEASE IS FOR A ONE YEAR LEASE IS?
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6 MONTH NOTICE |
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THIS ESTATE OCCURS WHEN THE LANDLORD ALLOWS THE TENANT TO OCCUPY THE PREMISES, BUT THERE IS NO DEFINITE PERIOD OF TIME WHEN THE ARRANGEMENT WILL EXPIRE IS WHAT KIND OF ESTATE? |
ESTATE AT WILL |
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UNDER ESTATE ___ _______CAN BE TERMINATED AT ANY TIME WITH PROPER LEGAL NOTICE? |
ESTATE AT WILL |
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ESTATE AT WILL SUMMARY? TERM? NOTICE? TERMINATION? |
TERM? INDEFINITE PERIOD OF TIME NOTICE? IS REQUIRED TERMINATION? UPON SALE OF PROPERTY OR DEATH OF EITHER PARTY |
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THIS ESTATE OCCURS WHEN A TENANT WHO HAD A LEGAL RIGHT TO OCCUPY THE PREMISES CONTINUES TO OCCUPY THE SPACE AFTER THE RIGHT OF OCCUPANCY HAS EXPIRED, AGAINST THE LANDLORD'S WILL IS CALLED? |
ESTATE AT SUFFERANCE |
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UNDER ESTATE AT SUFFERANCE THE TENANT IS REFERRED TO AS A ________________ TENANT? |
HOLDOVER TENANT |
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IF THE LANDLORD DOES NOT ACCEPT RENT THEN HE/SHE CAN BEGAN WHAT PROCESS? |
ACTUAL EVICTION |
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AN ESTATE AT SUFFERANCE CAN BE CONVERTED TO A PERIODIC ESTATE IF THE TENANT PAYS RENT AND THE LANDLORD DOES WHAT? |
ACCEPTS THE RENT |
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ESTATE AT SUFFERANCE SUMMARY? TERM? NOTICE? TERMINATION? |
TERM: NONE NO LEGAL RIGHT NOTICE: CAN BEGIN EVICTION NOTICE IMMEDIATELY TERMINATION: BY ACTUAL EVICTION |
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WHICH ESTATE ENDS IF THE PROPERTY IS SOLD? |
ESTATE AT WILL |
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IF A LANDLORD CURRENTLY HAS A PERIODIC ESTATE WITH A TENANT AND WANTS TO CHANGE IT TO AN ESTATE FOR YEARS, HOW MUCH NOTICE MUST BE GIVEN TO THE TENANT? |
30 DAY NOTICE (TIME OF PERIOD LIKE MONTH TO MONTH) |
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THE STATUTE OF FRAUDS STATES THAT ALL CONTRACTS MUST BE IN WRITING. AS FAR AS LEASES GO, WHAT IS THE EXCEPTION TO THIS? |
BROKER TO BROKER OR LEASE LESS THAN A YEAR |
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WHAT IS THE TENANT WHO HAS AN ESTATE AT SUFFERANCE CALLED? |
HOLDOVER TENANT |
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IF A TENANT HAS AN ESTATE AT SUFFERANCE AND THE LANDLORD ACCEPTS RENT, WHAT ESTATE IS IT CHANGED TO? |
PERIODIC ESTATE |
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WHICH LEASEHOLD ESTATE CONTINUES FOR AN INDEFINITE PERIOD OF TIME AND REQUIRES NOTICE TO TERMINATE? |
ESTATE AT WILL |
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THE RIGHT OF THE LANDLORD TO RETAKE POSSESSION OF THE PREMISES IS CALLED? |
REVERSIONARY RIGHTS |
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THE LANDLORD'S REMEDY UPON A TENANT'S BREACH IS CALLED WHAT? |
ACTUAL EVICTION |
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WHAT ARE THE PURPOSES OF THE ARIZONA RESIDENTIAL LANDLORD TENANT ACT? |
TO SIMPLIFY, CLARIFY AND REVISE THE LAW GOVERNING THE RENTAL OF DWELLING UNITS AND THE RIGHTS AND OBLIGATIONS OF LANDLORD AND TENANT. TO ENCOURAGE LANDLORD AND TENANT TO MAINTAIN AND IMPROVE THE QUALITY OF HOUSING. |
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A TENANT MAY TERMINATE A RENTAL AGREEMENT DUE TO DOMESTIC VIOLENCE, IF THE TENANT PROVIDES WHAT? |
WRITTEN NOTICE REQUESTING RELEASE FROM THE RENTAL AGREEMENT WITH A MUTUALLY AGREED ON RELEASE DATE WITHIN THE NEXT 30 DAYS WITH COPY OF PROTECTION ORDER OR POLICE REPORT.
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THE TENANT WHO IS A VICTIM OF DOMESTIC VIOLENCE MAY REQUIRE THE LANDLORD TO INSTALL A NEW LOCK IF THE TENANT PAYS FOR THE COST OF INSTALLING THE NEW LOCK? TRUE OR FALSE |
TRUE |
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IF A RENTAL UNIT HAS A BEDBUG INFESTATION, CAN THE LANDLORD ENTER INTO A LEASE AGREEMENT WITH A TENANT? |
NO, IF THE UNIT HAS A CURRENT INFESTATION |
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UNDER THE BEDBUG A.R.S. 33-1319 ARE SINGLE FAMILY RESIDENCES INCLUDED? |
NO, SINGLE FAMILY RESIDENCE ARE EXCLUDED FROM THE PROVISIONS OF BEDBUGS. |
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THE PURPOSE OF THE ARIZONA RESIDENTIAL LANDLORD TENANT ACT IS TO: |
SIMPLIFY RIGHTS AND OBLIGATIONS OF LANDLORDS AND TENANTS |
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LANDLORDS REFUSING TO RENT TO FAMILIES WITH CHILDREN IS A VIOLATION OF WHICH PROTECTED CLASS UNDER FEDERAL FAIR HOUSING LAWS? |
FAMILIAR STATUS |
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IF A TENANT IS A VICTIM OF DOMESTIC VIOLENCE AND HAS COMPLIED WITH NOTIFICATION REQUIREMENTS, THE RELEASE SHOULD BE WITHIN HOW MANY DAYS? |
30 DAYS |
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WHAT TYPE OF DWELLINGS ARE EXEMPT FROM BED BUG LAWS? |
SINGLE FAMILY RESIDENCE |
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AN AD OFFERING A PROPERTY FOR LEASE TO ANYONE HAVING CHILDREN OVER THE AGE OF 6 VIOLATES WHICH PROTECTED CLASS? |
FAMILIAR STATUS |
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A LANDLORD CAN DEMAND SECURITY AMOUNT EQUAL TO WHAT? |
ONE AND A HALF MONTH'S RENT |
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CAN A TENANT VOLUNTARILY PAY A GREATER SECURITY DEPOSIT? |
YES |
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ALL REFUNDABLE FEES OR DEPOSITS MUST BE WHAT? |
IN WRITING BY THE LANDLORD |
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ANY FEE OR DEPOSIT NOT DESIGNATED AS NONREFUNDABLE IN THE LEASE SHALL BE WHAT? |
REFUNDABLE |
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AFTER JANUARY 1, 1996 THE LANDLORD MUST PROVIDE THE TENANT WITH WHAT? |
COPY OF LEASE, MOVE-IN FORM FOR EXISTING DAMAGES, WRITTEN NOTIFICATION TENANT CAN BE PRESENT AT MOVE OUT INSPECTION. |
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WITHIN HOW MANY BUSINESS DAYS AFTER THE TERMINATION OF THE LEASE SHALL THE LANDLORD DELIVERY OF POSSESSION AND DEMAND BY THE TENANT THE LANDLORD SHALL PROVIDE THE THE TENANT AN ITEMIZED LIST OF ALL DEDUCTIONS TOGETHER WITH THE AMOUNT DUE AND PAYABLE TO THE TENANT? |
14 DAYS |
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IF THE LANDLORD FAILS TO PROVIDE ITEMIZED LIST OF ALL DEDUCTIONS, ETC, THEN THE TENANT CAN RECOVER WHAT? |
THE AMOUNT WITHHELD BY LANDLORD PLUS TWICE THE AMOUNT FOR DAMAGES. |
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WHAT IS THE MAXIMUM REFUNDABLE SECURITY DEPOSIT THAT A LANDLORD CAN REQUIRE? |
1&1/2 TIMES THE MONTH'S RENT |
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WHAT MUST A LANDLORD DISCLOSE ABOUT NON-REFUNDABLE FEES? |
THE PURPOSE OF ALL NON-REFUNDABLE FEES AND DEPOSITS IN WRITING |
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HOW MANY DAYS DOES A LANDLORD HAVE TO RETURN REFUNDABLE DEPOSITS? |
14 DAYS (BUSINESS) |
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IF A LANDLORD FAILS TO RETURN THE DEPOSIT AND/OR ITEMIZED LIST OF ALL MONIES WITHHELD FROM THE DEPOSIT WITHIN THE 14 BUSINESS DAYS WHAT IS THE TENANT ENTITLED TO? |
AMOUNT WITHHELD PLUS 2 TIMES THE AMOUNT WRONGFULLY WITHHELD |
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A RULE OR REGULATION ADOPTED AFTER THE TENANT ENTERS INTO THE RENTAL AGREEMENT IS ENFORCEABLE AGAINST THE TENANT IF HOW MANY DAYS NOTICE OF ITS ADOPTION IS GIVEN TO THE TENANT? |
30 DAYS NOTICE |
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UNDER ACCESS CAN A LANDLORD ENTER THE PREMISES IN AN EMERGENCY WITHOUT NOTICE? |
YES |
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UNDER ACCESS THE LANDLORD SHALL GIVE THE TENANT AT HOW MANY DAYS NOTICE OF INTENT TO ENTER AND ENTER ONLY AT REASONABLE TIMES? |
2 DAYS NOTICE |
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WHEN A TENANT BREACHES THE RENTAL AGREEMENT, THE LANDLORD MAY DELIVER A WRITTEN NOTICE TO THE TENANT SPECIFYING THE ACTS OF BREACH AND THE RENTAL AGREEMENT WILL TERMINATE UPON A DATE NOT LESS THAN ________DAYS AFTER THE NOTICE IF THE BREACH IS NOT REMEDIED IN TENS DAYS? |
10 DAYS |
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IF TENANT FAILS TO PAY THE RENT WITHIN 5 DAYS AFTER WRITTEN NOTICE BY THE LANDLORD OF NONPAYMENT AND RENT NOT PAID WITHIN A SPECIFIED PERIOD OF TIME THE LANDLORD MAY TERMINATE THE RENTAL AGREEMENT BY FILING A WHAT? |
SPECIAL DETAINER ACTION |
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THE LANDLORD SHALL HOLD THE TENANT'S PERSONAL PROPERTY FOR A PERIOD OF______ BEGINNING ON THE FIRST DAY AFTER THE WRIT OF RESTITUTION OR WRIT OF EXECUTION IS EXECUTED. |
21 DAYS |
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TO RECLAIM THE PERSONAL PROPERTY, THE TENANT MUST DO WHAT? |
PAY FOR THE LANDLORD FOR THE COST AND STORAGE FOR THE TIME THE PROPERTY WAS HELD. |
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WITHIN ________ DAYS AFTER WRITTEN OFFER BY THE THE TENANT TO PAY THESE CHARGES THE LANDLORD MUST SURRENDER POSSESSION OF THE PERSONAL PROPERTY IN THE LANDLORD'S PRESENCE UPON THE TENANT'S PAYMENT. |
5 DAYS |
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AFTER THE LANDLORD'S DECLARATION OF ABANDONMENT, THE LANDLORD SHALL HOLD THE PERSONAL PROPERTY FOR HOW MANY DAYS? |
10 DAYS |
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THE RIGHT OF THE LANDLORD TO SEIZE A TENANT'S BELONGINGS FOR PAYMENTS IN ARREARS IS CALLED? |
DISTRAINT |
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IS DISTRAINT LEGAL IN ARIZONA? |
NO |
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IF PREMISES WAS CONSTRUCTED PRIOR TO 1978, THE LANDLORD IS REQUIRED BY FEDERAL LAW TO GIVE NOTICE OF WHAT? |
ANY LEAD-BASED PAINTS ON THE PREMISES |
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HOW MUCH NOTICE MUST BE GIVEN TO A LANDLORD TO REMEDY A HEALTH AND SAFETY ISSUE? |
5 DAYS |
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HOW LONG MUST A LANDLORD HOLD ONTO A TENANT'S PERSONAL PROPERTY THAT IS LEFT IN THE ABANDONED RENTAL UNIT? |
10 DAYS |
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WHAT IS IT CALLED WHEN A LANDLORD HAS THE RIGHT TO SEIZE A TENANT'S BELONGINGS FOR DELINQUENT RENT PAYMENTS? |
DISTRAINT |
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IF THE LANDLORD FAILS TO COMPLY WITH A REPAIR REQUESTS, THE TENANT MAY MAKE THE REPAIRS UNDER WHAT CONDITIONS? |
IF THE REPAIRS ARE $300 OR 1/2 OF MONTH'S RENT, WHICHEVER IS GREATER |
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A GROSS, STRAIGHT OR FLAT LEASE IS THE MOST COMMON FOR? |
RESIDENCES |
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WITH A GROSS OR STRAIGHT LEASE A TENANT PAYS WHAT? |
A SET AMOUNT OF RENT EACH MONTH |
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WITH A GROSS OR STRAIGHT LINE LEASE WHO PAYS FOR BUILDING EXPENSES? |
THE LANDLORD |
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WHAT KIND OF LEASE REQUIRES THE LANDLORD TO PAY THE PROPERTY'S OPERATING EXPENSES, INCLUDING UTILITIES, REPAIRS, AND MAINTENANCE AND TENANT ONLY PAYS RENT IS CALLED? |
FULL SERVICE LEASE |
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THE MOST COMMON LEASE FOR COMMERCIAL PROPERTY IS? |
NET LEASE |
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IF THE TENANT PAYS RENT AND SOME OR ALL THE BUILDING EXPENSES THIS WHAT KIND OF LEASE? |
NET LEASE |
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UNDER THE NET LEASE THE MORE NET, NET-NET OR NET, NET, NET MEANS WHAT? |
THE MORE NETS THE MORE EXPENSES PAID BY THE TENANT |
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IF A TENANT AGREES TO ALLOW ITS INTEREST TO BECOME JUNIOR TO THE INTEREST OF A THIRD PARTY LENDER THIS IS CALLED A ________________ CLAUSE? |
SUBORDINATION CLAUSE |
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IF A CLAUSE GIVES THE TENANT THE RIGHT TO CONTINUE OCCUPYING THE LEASED PREMISES AS LONG AS THE TENANT IS NOT IN DEFAULT, EVEN AFTER PROPERTY IS SOLD WHAT CLAUSE APPLIES? |
NON-DISTURBANCE CLAUSE |
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AN ACT BY WHICH THE TENANT ACKNOWLEDGES A NEW OWNER OF THE PROPERTY AS THE NEW LANDLORD IS CALLED? |
ATTORNMENT CLAUSE |
THIS CLAUSE ENSURE TENANT CONTINUES PAYING THE RENT TO NEW LANDLORD FOR REMAINDER OF LEASE? |
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THIS TYPE OF LEASE IS USED ALMOST EXCLUSIVELY FOR RETAIL BUSINESS? |
PERCENTAGE LEASE |
CAN BE EITHER A GROSS OR NET LEASE DEPENDING ON WHETHER THE TENANT IS PAYING BUILDING EXPENSES AS WELL. |
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A PERCENTAGE LEASE USUALLY PROVIDES A FIXED MINIMUM RENTAL AMOUNT PLUS A PERCENTAGE OF WHAT? |
GROSS INCOME OVER A BASE AMOUNT |
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WHICH LEASE ALLOWS FOR FUTURE CHANGES IN THE AMOUNT OF RENT? |
VARIABLE LEASE |
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WHICH LEASE ALLOWS RENT CHANGES MADE AT A PREDETERMINED FUTURE DATES? |
GRADUATED LEASE |
EX. 1500 per mo. first year then 2000 per mo. second year and 2500 per mo. in the third year. |
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RENT CHANGES ARE BASED ON A COMMON INDEX |
INDEX LEASE |
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TYPE OF LEASE IS A LONG TERM LEASE, USUALLY FOR A PERIOD OF 50 YEARS OR MORE. |
GROUND/LAND LEASE |
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TENANT LEASES LAND, ERECTS A BUILDING, BUT AT THE END OF THE LEASE THE LANDLORD OWNS THE BUILDING IS WHAT TYPE OF LEASE? |
GROUND (LAND) LEASE |
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THIS LEASE GIVES A COMPANY THE RIGHT TO SEARCH FOR AND EXTRACT OIL AND GAS FROM SOMEONE'S PROPERTY IS WHAT TYPE OF LEASE? |
OIL AND GAS LEASE |
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IF GAS OR OIL IS FOUND UNDER THE OIL AND GAS LEASE WHAT DOES THE OWNER OF THE LAND OR LANDLORD RECEIVE? |
ROYALTIES |
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THIS LEASE CONVEYS A LEASEHOLD INTEREST TO AN OWNER OF A COOPERATIVE AND THE RENT IS EQUAL TO THE OWNER'S SHARE OF THE PERIODIC EXPENSES OF THE COOPERATIVE IS WHAT TYPE OF LEASE? |
PROPRIETARY LEASE |
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THE LANDLORD LEASES UNIMPROVED PROPERTY FOR A LONG TERM AND THE TENANT AGREES TO ERECT THE BUILDING. |
GROUND (LAND) LEASE |
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AT THE END OF THE LEASE TERM ON A GROUND LEASE, WHO OWNS THE STRUCTURE? |
THE LANDLORD OWNS THE STRUCTURE |
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A COMPANY LEASES LAND FOR EXPLORATION. |
OIL AND MINERAL LEASE |
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IF OIL OR GAS IS FOUND UNDER AN OIL AND MINERAL LEASE WHAT IS PAID TO THE LANDLORD? |
ROYALTIES |
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MOST LIKELY, THE BEST LEASE FOR A START-UP BUSINESS IS? |
GRADUATED LEASE |
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THE TENANT PAYS BASIC RENT PLUS ALL OR MOST OF THE PROPERTY CHARGES IS WHAT TYPE OF LEASE? |
NET LEASE |
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THIS IS THE MOST COMMON TYPE OF LEASE FOR RESIDENTIAL PROPERTY? |
GROSS LEASE |
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THE TENANT PAYS BASIC RENT PLUS A PERCENT OF GROSS SALES IS CALLED? |
PERCENTAGE LEASE |
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THE MOST COMMON LEASE FOR COMMERCIAL PROPERTY IS CALLED? |
NET LEASE |
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THE MOST COMMON LEASE FOR RETAIL BUSINESS IS CALLED? |
PERCENTAGE LEASE |
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A STOCKHOLDER IN A COOPERATIVE OCCUPIES HIS/HER UNIT WITH WHAT TYPE OF LEASE? |
PROPRIETOR LEASE |
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THIS GRANTS THE LEASEE (TENANT) THE RIGHT TO RENEW THE LEASE AND IT IS CALLED? |
LEASE OPTION |
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THE TENANT LEASES THE PROPERTY FOR A PERIOD OF TIME WITH THE INTENTION OF PURCHASING THE PROPERTY AT A LATER DATE AND THE TERMS OF THE SALE ARE DETERMINED PRIOR TO SIGNING THE LEASE IS CALLED? |
LEASE PURCHASE |
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THE OWNER SELLS THE PROPERTY TO AN INVESTOR AND THEN LEASES THE PROPERTY BACK IS CALLED? |
SALE LEASE-BACK
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THE SELLER BENEFITS IN A SALE LEASE-BACK BECAUSE IT FREES UP CAPITAL AND THE RENT CAN BE DEDUCTED AS A BUSINESS EXPENSE. THE SELLER BECOMES WHAT? |
THE LEASEE |
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IN A SALE LEASE-BACK THE BUYER BECOMES WHAT? |
THE LANDLORD |
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HOW DOES THE BUYER IN A SALE LEASE-BACK BENEFIT? |
THERE IS A STABLE TENANT AND A FAVORABLE RETURN ON INVESTMENT |
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IN A LEASE THIS TRANSFERS ALL THE REMAINING TERMS OF THE LEASE? |
ASSIGNMENT |
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WHO IS PRIMARILY OBLIGATED BUT THE ORIGINAL LEASEE (TENANT) MAY BE SECONDARILY OBLIGATED? |
THE ASSIGNEE |
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THIS IS A COMPLETE SUBSTITUTION OF PARTIES IN A LEASE AGREEMENT AND IT MAKES THE NEW TENANT FULLY RESPONSIBLE FOR THE LEASE IS CALLED? |
NOVATION |
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THIS CLAUSE IN A LEASE COMPLETELY RELEASES THE ORIGINAL TENANT FROM THE LEASE AND IS CALLED? |
NOVATION |
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PROVIDES FOR THE RENTING OF THE SPACE BY THE TENANT TO A SUBTENANT IS CALLED? |
SUBLEASE |
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UNDER SUBLEASE THE LEASEE BECOMES WHAT? |
SUBLEASOR |
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UNDER A SUBLEASE THE SUBLEASEE PAYS THE SUBLESSOR WHO PAYS THE LESSOR UNDER THE ORIGINAL LEASE. THIS ARRANGEMENT IS CALLED A? |
SANDWICH LEASE |
THE SUBLESSOR IS SANDWICHED BETWEEN THE SUBLEASEE AND THE LESSOR. |
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A LEASEE TRANSFERS LESS THAN ALL THE LEASEHOLD INTERESTS? |
SUBLEASE |
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THE OWNER OF THE PROPERTY SELLS THE BUILDING AND LEASES IT BACK? |
SALE LEASE-BACK |
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AN INDIVIDUAL RENTS A PROPERTY AND PLANS TO PURCHASE IT AT A LATER DATE. |
LEASE PURCHASE |
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THE TENANT TRANSFERS ALL THEIR LEASEHOLD INTERESTS |
ASSIGNMENT |
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GRANTS THE TENANT THE RIGHTS TO RENEW THE LEASE |
LEASE OPTION |
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WHEN MUST A PROPERTY MANAGER BE LICENSED? |
IF THEY MANAGE TWO OR MORE PROPERTIES FOR SOMEONE ELSE |
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WHAT ARE THE OBJECTIVES OF A PROPERTY MANAGER? |
TO PRESERVE AND POSSIBLY ENHANCE THE VALUE OF THE PROPERTY AND GENERATE INCOME FOR THE PROPERTY |
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WHAT ARE THE THREE MAIN ACTIVITIES OF A PROPERTY MANAGER? |
ADMINISTRATION, MARKETING AND PHYSICAL MANAGEMENT |
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A FINDERS FEE OF CASH IN THE AMOUNT OF _______ CAN BE PAID TO REFERRING TENANTS AS A REDUCTION IN RENT, A MAXIMUM OF HOW MANY TIMES PER YEAR? |
$200 AND UP TO 5 TIMES PER YEAR |
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WHAT LEGAL ISSUES DO PROPERTY MANAGERS DEAL WITH? |
FFH, ADA, ECOA AND ENVIRONMENTAL CONCERNS LIKE RADON, MOLD, LEAD PAINT AND ASBESTOS. |
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THE PROPERTY MANAGER AND OWNER WILL ENTER INTO A PROPERTY MANAGEMENT AGREEMENT ESTABLISHED WORKING RELATIONSHIP AND CREATES WHAT?
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AN AGENCY AGREEMENT WITH A SPECIFIC RANGE OF DUTIES CALLED GENERAL AGENCY |
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THE PROPERTY MANAGEMENT AGREEMENT MUST BE IN WRITING BECAUSE OF WHAT? |
THE STATUTE OF FRAUD |
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WHAT TYPE OF AGENCY RELATIONSHIP DOES THE PROPERTY MANAGER AND OWNER HAVE? |
GENERAL |
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PROPERTY MANAGEMENT AGREEMENTS ARE? |
IN WRITING AND MANDATORY |
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PROPERTY MANAGERS HAVE THREE BASIC RESPONSIBILITIES? |
ADMINISTRATION, MARKETING AND PHYSICAL MANAGEMENT |
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WHEN MUST A PROPERTY MANAGERS BE LICENSED? |
WHEN THEY MANAGED 2 OR MORE PROPERTIES FOR SOMEONE ELSE |
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INDIVIDUAL WHO HAS A LEASEHOLD INTEREST |
LEASEE |
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THE RIGHT OF THE LANDLORD TO RETAKE POSSESSION OF THE PREMISES |
REVERSIONARY RIGHTS |
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ANOTHER NAME FOR A LEASEE |
TENANT |
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SEIZING THE TENANT'S PROPERTY TO COVER DELINQUENT RENT |
DISTRAINT, WHICH IS ILLEGAL IN ARIZONA |
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THE INDIVIDUAL WHO HAS A LEASED FEE INTEREST? |
LEASOR |
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VIOLATION OF ANY TERMS OR CONDITIONS IN A CONTRACT WITHOUT LEGAL CAUSE |
BREACH |
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LANDLORD'S REMEDY IN THE EVENT OF A TENANT'S BREACH |
ACTUAL EVICTION |
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ANOTHER NAME FOR THE LEASOR |
LANDLORD |
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TRANSFER OF A LEASEHOLD ESTATE |
DEMISE |
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THE NAME FOR THE TENANT WHO REFUSES TO SURRENDER POSSESSION TO THE LANDLORD |
HOLDOVER TENANT |
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TOTAL SUBSTITUTION OF PARTIES |
NOVATION |
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A PROTECTED CLASS UNDER FFHA; THE PREMISE OF CHILDREN IN THE HOUSEHOLD UNDER THE AGE OF 18, INCLUDING PREGNANT WOMEN |
FAMILIAR STATUS |
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AGREEMENT BETWEEN TWO PARTIES FOR POSSESSION AND USE OF A SPACE |
LEASE |
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TENANT'S REMEDY IF THE LANDLORD FAILS TO KEEP THE PREMISES HABITABLE |
CONSTRUCTIVE EVICTION |
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IT IS AN INTERESTS IN SOMEONE ELSE'S LAND WHICH ALLOWS THE HOLDER OF THE LEASE THE RIGHT TO POSSESSION |
LEASEHOLD ESTATE |
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A CONTRACT FOR POSSESSION IS CALLED? |
A LEASE |
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A LEASE FOR ONE YEAR OR LESS CAN BE ORAL? TRUE OR FALSE |
TRUE
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WHAT IS THE CONSIDERATION IN A LEASEHOLD ESTATE FOR USE AND POSSESSION OF THE REAL ESTATE? |
RENT |
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AN ESTATE FOR YEARS IS A LEASE THAT EXTENDS FOR A DEFINITE WHAT? |
TERM |
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IS A NOTICE IS REQUIRED TO TERMINATE AN ESTATE FOR YEARS |
NO |
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UNDER AN ESTATE FOR YEARS, IF EITHER PARTY DIES OR THE PROPERTY IS SOLD IS THE LEASE TERMINATED? |
NO, THE DEATH OF EITHER PARTY OR SALE OF THE PROPERTY DOES NOT TERMINATE THE LEASE |
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UNDER PERIODIC ESTATE IS A NOTICE TO TERMINATE REQUIRED? |
NOTICE IS REQUIRED TO TERMINATE THE ESTATE AS IT DOES NOT HAVE A DEFINITE PERIOD AND RENEWS AUTOMATICALLY IN LIKE TIME PERIODS. NOTICE TO TERMINATE IS THE SAME TIME PERIOD AS THE ESTATE. |
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UNDER PERIODIC ESTATE DOES THE DEATH OF EITHER PARTY OR SALE OF THE PROPERTY WILL TERMINATE THE ESTATE? |
YES, TERMINATES THIS ESTATE |
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WHAT TYPE OF ESTATE IS CREATED WHEN THE OWNER PERMITS ANOTHER TO OCCUPY THE PROPERTY WITHOUT A FORMAL AGREEMENT? |
ESTATE AT WILL |
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DOES THE DEATH OF EITHER PARTY OR SALE OF THE PROPERTY UNDER ESTATE AT WILL TERMINATE THE ESTATE? |
YES, ALSO KNOW AS MOTHER-IN-LAW ESTATE |
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WHICH ESTATE IS THE LOWEST TYPE OF LEASEHOLD ESTATE? |
ESTATE AT SUFFERANCE |
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UNDER THE ESTATE AT SUFFERANCE THE HOLDER OF THE ESTATE IS CALLED? |
A HOLDOVER TENANT |
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UNDER THE ESTATE AT SUFFERANCE THE TENANT IS BASICALLY TRESPASSING, BUT IF THE LANDLORD ACCEPTS THE RENT THEN IT BECOMES WHAT KIND OF ESTATE? |
PERIODIC ESTATE |
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UNDER A LEASE AGREEMENT THE PROPERTY OWNER IS CALLED? |
THE LANDLORD OR LESSOR |
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UNDER A LEASE AGREEMENT THE OCCUPANT IS CALLED? |
THE TENANT OR LESSEE |
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UNDER ASSIGNMENT THE ORIGINAL PROPERTY OWNER IS CALLED? |
ASSIGNOR |
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UNDER ASSIGNMENT THE NEW PROPERTY OWNER IS CALLED? |
ASSIGNEE |
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UNDER SUBLEASE THE PROPERTY OWNER IS CALLED? |
THE LANDLORD OR LESSOR |
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UNDER SUBLEASE THE ORIGINAL PROPERTY OCCUPANT IS CALLED? |
A LESSEE OR SUBLESSOR |
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UNDER SUBLEASE THE NEW PROPERTY OCCUPANT IS CALLED? |
THE TENANT OR SUBLESSEE |
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A COMMON RESIDENTIAL LEASE WHERE THE TENANT PAYS THE SAME RENT EACH MONTH AND THE LANDLORD PAYS THE BUILDING EXPENSES? |
GROSS LEASE (RESIDENTIAL) |
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THIS LEASE IS USED MOST COMMON IN COMMERCIAL PROPERTIES AND THE TENANT PAYS BASE RENT AND THEIR SHARE OF THE BUILDING'S EXPENSES? |
NET LEASE |
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THIS LEASE IS TYPICALLY USED FOR RETAIL BUSINESS AND THE TENANT PAYS A BASE RENT AND THE LANDLORD RECEIVES A PERCENTAGE OF THE TENANT'S GROSS PROFITS? |
PERCENTAGE LEASE |
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A LONG-TERM LEASE FOR THE USE OF LAND? |
GROUND LEASE |
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AN INDIVIDUAL MUST BE LICENSED AS A PROPERTY MANAGER IF WHAT? |
IF THEY MANAGE TWO OR MORE PROPERTIES FOR SOMEONE ELSE |
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A PROPERTY MANAGER MUST HAVE A WRITTEN AGREEMENT WITH THE PROPERTY OWNER BECAUSE OF WHAT? |
STATUTE OF FRAUDS |
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THE AGREEMENT BETWEEN A PROPERTY MANAGER AND THE PROPERTY OWNER CREATES WHAT KIND OF AGENCY RELATIONSHIP? |
GENERAL AGENCY |
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