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35 Cards in this Set

  • Front
  • Back
Leases in NC are governed by the:
Residential Rental Agreements Act
Landlords duty under the RRAA is implied warranty of habitability, which means:
Supplying fit and habitable premises to tenant
Constructive Eviction
Tenant can leave before end of lease and terminate the lease if landlord does not supply habitable premises
Tenants can / cannot withhold rent
CANNOT until they get a court order
The only way to eject a tenant is through the process of:
summary ejectment
Retaliatory eviction
ILLEGAL ACT of evicting someone for asserting a legal right
Act regulating security deposits
Tenant Security Deposit Act
Max security deposit (minus pet charge) is (3 different types):
1) 2 weeks rent if week-to-week
2) 1 1/2 months rent if month-to-month
3) 2 months rent if longer
Landlord can use the security deposit to either (2 things):
1) Put it in a trust account
2) Bond as guarantee of deposit
The burden for eviction in public housing is:
good cause / bad faith by the tenant
Estates of landlords leasing to tenants are called:
Leasehold estates OR nonfreehold estates
4 types of nonfreehold estates are:
1) Estate for years
2) Estate from period to period
3) Estate at will
4) Estate at sufferance
Estate for years
A leasehold estate that continues for a definite period of time
Estate from period to period
Estate continuing for a specific period that automatically renews without a specific end date. Standard residential lease.
Minimum time required for notice of termination of periodic lease (3 types)
1) 2 days for week to week
2) 7 days for month to month
3) 1 month for year to year
Holdover tenant
Staying in possession of the property after the expiration of the lease
Estate at will
Right of lessee to possess property for an unspecified amount of time
Termination of an estate at will can occur:
At any time at the will of either party
Estate at sufferance
Holding property without the consent of the landowner
Fixed rental lease
Tenant must pay fixed rental amount and property owner pays property charges
Percentage lease
Landlord gets percentage of profit accrued by tenant on the property
Net lease
Tenant pays rent and property charges (usually occurs when leasing whole buildings)
Graduated lease
Rent increases at set future dates
Index lease
Rent is increased or decreased periodically based on an index formula
Ground lease
If tenant is erecting a building on property - often long-term leases
Oil and mineral lease
Full-service lease
Landlord provides all services related to lease like property upkeep and then gets rent
Statute of frauds applies to leases longer than:
3 years
Fixtures in terms of landlords and tenants
Usually not allowed and become property of the landlord BUT tenant may be able to install trade fixtures
Sublessor's interest in property is called:
sandwich lease
Right of landlord to enter happens when?
Only when specifically specified in the lease
If a lease is longer than 3 years... (2 things)
1) It must be written because it falls within the Statute of Frauds
2) According to the Conner Act, it must be recorded to prevent attacks by 3rd parties
The time after sale when a purchaser must honor vacation leases is...
6 months
Landlord has _ days to return security deposit.
60 days
Does destruction of property terminate a lease?