Re 4

Front 1

Four types of leasehold / less than Freehold estate

Back 1

1) Estate for Years

2) Estate for Period to Period

3) Estate at Will

4) Estate at Sufferance

Front 2

Estate for Years

Back 2

* a lease for a definite period of Time - days, weeks, months or years

* No notice required when lease expires

* all people upon the disposition of Realty must honor the remaining lease period Unless the owner had a life estate

Front 3

Estate for Period to Period

Back 3

* lease with an indefinite and date but must be specified from what period to what period

* Both lessor or lessee must be given an identical period of notice to terminate

* all people upon the disposition of Realty must honor the remaining lease period Unless the owner had a life estate

Front 4

Estate at Will

Back 4

* Lessor consents to tenants staying

* terminates by notice or death of either lessor or lessee

Front 5

Estate at sufferance

Back 5

* created when tenant previous owner wrongfully holds over and expiration of leasehold or Freehold estate without landlord's consent

* must involve Court to determines rights of tenant previous owner refuses to leave peacefully

Front 6

Three ways of transferring tenant occupancy rights

Back 6

1) sublet

2) assign

3) novation

Front 7

Sublet

Back 7

* May have to have permission of the owner

* original lessee become subleaseor, person who the Realty is sublet to is the subleasee

* lessee remains liable

* also called a sandwich lease

* sublettee must pay sublettor/lessor

Front 8

Assign

Back 8

* May have to have permission of the owner

* original lessee gives up all rights to assignee

*if they fail to fulfill the original obligation, original lessee/assignor may be liable

Front 9

Novation

Back 9

* must have permission of owner

*complete substitution of original lessee

*original lessee is no longer responsible

Front 10

Three ways of paying tenant occupancy rights

Back 10

1) Gross

2) Percentage

3) Triple Net

Front 11

Gross

Back 11

Tenant pays a fixed monthly rent

Front 12

Percentage

Back 12

Tenant pays a percentage of gross sales over a period of time plus fixed monthly rent ex. Shopping mall

Front 13

Triple Net

Back 13

Tenant pays their share of taxes, insurance and fixed monthly rent ex professional tenant

Front 14

Sale/Lease Back

Back 14

Seller sells then leases the realty back

Front 15

Escalation Clause

Back 15

Allows an increase in rent by a certain index on the Realty

Front 16

Constructive eviction

Back 16

Allows a lease to be broken by the lessee because their Realty cannot be safely occupied

Front 17

Actual eviction

Back 17

Lessor involves Court to force a lessee to be removed from the Realty

Front 18

Demise

Back 18

To lease realty

Front 19

Property Management

Back 19

Objectives: preserve and enhance Realty value, generate money from Realty, accomplish owner of Realty's objectives

Compensation plans: percentage of monthly build invoices, percentage of collected build invoices, set monthly dollar amount which may or may not include fringe benefits

Front 20

Easements

Back 20

Right of one to use the land of another

Front 21

Two types of easements

Back 21

Gross easement and appurtenant easement

Front 22

Gross easement

Back 22

* Personal interest or right to use land of another

* not inheritable or assignable ex. utility company

Front 23

Appurtenant easement

Back 23

* Remains with the land it is attached to

* the dominant tenant is the one using the land of another

* the servient tenant is the one allowing the use of their land and is responsible for all cost of the land including taxes

* passes to all grantees and is inheritable

Front 24

Two types of appurtenant easement

Back 24

Easement of necessity and easement by prescription

Front 25

Easement of necessity

Back 25

Necessity of Ingress (getting into) egress (getting out of) ex. Landlocked peice of land

Front 26

Easement by prescription

Back 26

* Continuous use of land

* set by each state - require a definite period of time ex. children Crossing one's property on the way to school

Front 27

Three ways to legally reference Realty

Back 27

1) rectangular (government) survey system

2) metes and Bounds

3) lot and block system

Front 28

Rectangular (government) Survey System

Back 28

Method of land description based on checkerboard of townships

Front 29

Baselines

Back 29

Main East and West lines, also called tear or Township lines

Front 30

Range Lines

Back 30

Imaginary lines 6 miles east and west of the meridian running North and South

Front 31

Principal meridians

Back 31

Main at North and South Lyons also called Range lines

Front 32

Township lines

Back 32

Imaginary lines 6 miles north and south of the base line running east and west

Front 33

Township

Back 33

A six mile square area containing 36 sections

Front 34

Section

Back 34

A one square mile containing 640 square acres. Sections are numbered from the northeast corner of a Township and run east to west in a six mile area drop down and then west to east another 6 miles until they reach 2 section 36 and the southeast corner.

Front 35

Government Lot

Back 35

Fractional sections of land measuring less than a quarter section

Front 36

Correction Lines

Back 36

Usually on the North End of a check to compensate for the curvature of the Earth surface

Front 37

Section 16

Back 37

Typically reserved for schools

Front 38

One acre

Back 38

Is 43,560 square feet

Front 39

Mile

Back 39

One mile is 5,280 lineal feet

Front 40

Section

Back 40

640 acres in a section

Front 41

Metes and Bounds

Back 41

* Method of land description identifying property by distances and directions

* Begins at a point of beginning (POB), follows the perimeter, return to the POB

* used extensively in original 13 eastern states and Texas

Front 42

Metes

Back 42

Describes distances

Front 43

Bounds

Back 43

Describes Direction

Front 44

Lot - Lot and block system

Back 44

An individual parcel of land intended to be conveyed and its entirety

Front 45

Block - Lot and block system

Back 45

A group of a continuous Watts bounded by streets in a city block

Front 46

Plot map

Back 46

An aerial view showing a lot of Realty in relation to others in the subdivision

Front 47

Topographical map

Back 47

An aerial view showing elevation of the Realty

Front 48

Liens

Back 48

* A claim of money one has against the property of another

* All liens are encumbrances but not all encumbrances are liens

Front 49

mechanic's lien

Back 49

* Applies by persons making repairs are doing work on the property

* specific to Realty for owner failing to pay the debt

* lien takes effect from the day the work began not when finished

Front 50

Laches

Back 50

Loss of legal rights due to failure to assert them on a timely basis