Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
|
lease
|
contract transfering a property interest, or possession to a tenant, for a certain time
|
|
|
lessor-->
lessee---> |
owner
rentor |
|
|
Demising clause
|
when possession takes pace
|
|
|
landlease
|
alows a lessee the right to use land for any purpose for a specified period of time.
|
|
|
option to renew
|
sets forth the method for renewal and the terms by which the renewal lease will exist.
|
|
|
rent control
|
owners entitles to raise rent up to 7.5% each year until they reach Maximum Base Rent (MBR)
|
|
|
rent stabilization
|
1947-1974 building or buildings removed from rent control. 6 or more units.
|
|
|
security deposit
|
for demage beyond wear and tear. held in escrow. For units of 6 or more, must be in interest-bearing account and the interest belongs to tenant.
|
|
|
assignement
|
transfer of the lease contract from the present tenant to the assignee. They now share the privity of the estate with the owner
|
|
|
sublease
|
sublessee pays the rent to the tenant and the tenant pays owner
|
|
|
eviction
|
return fo possession to the owner and removal of tenant and their possessions
|
|
|
actual eviction
|
removing tenant from proprty without court order
|
|
|
self-help
|
owner violates statutory law by physically removing the tenants and their belongings from the premises OR takes action to prevent tenant-acess to the premises
|
|
|
constructive eviction
|
the tenant is prevented from the quiet enjoyment of premises
|
|
|
gross lease
|
landlord pays all expenses
|
|
|
net lease
|
owner pays some or all expenses
|
|
|
tripple net lease
|
lessee pays all expenses
|
|
|
percentage lease (mostly commercial)
|
base rent plus additional monthly rent that is % of lessee's gross sales.
|
|
|
ground lease
|
long term lease of unimproved land, usually for construction purposes.
|
|
|
index lease
|
method of determing rent on long term leases based on interest rates that are based on economic indicators
|
|
|
graduated lese
|
rent chnges from period to period over the term lease. involve an escalation clause.
|
|
|
leases terminated by
|
expiration of lease term, mutual agreement, breach of condition, actual eviction, court-ordered eviction, or constructive eviction.
|
