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38 Cards in this Set
- Front
- Back
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Landlord |
Lessor |
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Tenant |
Lessee |
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Leased fee / Leased fee estate |
Landlords interest |
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Leasehold |
Tenant interest Lessee |
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Estate for years |
Has expiration date. |
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Estate year to year |
Automatic renewal. Unless one party cancels |
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Tenancy at will |
Ex. “Month to month” Either can cancel at any time |
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Tenancy at Sufferance |
Tenant remains after lease ends Remains against lessors choice |
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Base rent + % of gross sales |
Percentage lease |
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Indexed Lease |
Fluctuate with economy |
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Lessor (landlord) Rights |
Reversionary Rights |
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Monthly lease amount gradually increases |
Graduated lease |
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Estate for years Estate from year to year Tenancy at will Tenancy at sufferance |
Types of leasehold estates |
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Step up Step down Reappraisal Graduated |
Types of fluctuating rents |
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Index Lease |
Rent changes periodically based on economic index |
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Tenant transfers all rights to assignee |
Assignment |
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Tenant transfers some rights to a third party |
Sublet |
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Breach |
Terminated lease agreement |
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Long term lease of air or land space |
Ground lease |
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Ground lease |
Tenant leases land or air. May build structures. Usually—Tenant pays operating expenses. Taxes and mortgages. |
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Triple lease |
Lessee pays Operating expenses Taxes Mortgages |
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Warranty of habitability |
Tenant may withhold rent if premises is nonhabitable. If clearly violating- safety. Sanitation. Health codes |
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Trade fixture |
Personal property. Tenant may remove them when they move from property. Commercial |
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Contribution |
Value of an addition to the property. The new garage adds value to the property. |
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Conformity |
How structured fit in an area or how they conform as similar |
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Opportunity cost |
Return forfeited by not choosing an alternative. |
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Substitution |
Underlies three principles to determine appraisal value Direct sales comparison Cost Income |
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Market analysis |
Back (Definition) |
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Valuation process in appraising |
Back (Definition) |
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Appraisal approaches |
Back (Definition) |
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Highest and best use |
Back (Definition) |
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Appraisal math |
Back (Definition) |
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Mean |
Average of a set of numbers |
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Median |
Middle number in a list of numbers 12345 3 is the median |
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Mide |
Most popular number. The number that occurs most often 2,3,4,2,5,6,1 2 is the mode |
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Range |
Difference between largest and smallest numbers 2,5,3,7,1 7-1=6 6 |
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Principle of substitution |
Ain’t nobody gonna pay more for one house if they can pay less for a similar house |
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Units of comparison |
Similar sq. Ft. Similar location
Age. Number of bedrooms. Etx |
