Leasehold Estates Flashcards
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Questions and Answers

How are leasehold estates typically created?

Through leases.

When the lease in an estate for years ends, what type of leasehold estate exists?

Periodic estate.

A leasehold estate is considered to be a...?

Personal property interest.

What is another term for an estate at sufferance?

<p>Holdover tenancy.</p> Signup and view all the answers

What is the term for a legal contract created when a property owner enters into an agreement with a tenant?

<p>Lease.</p> Signup and view all the answers

Which of the following is not an example of a common lease restriction?

<p>Restricted access hours to the leased unit</p> Signup and view all the answers

One element of any type of legal contract is 'consideration'. What is the consideration in a lease?

<p>Rent.</p> Signup and view all the answers

What type of leasehold estate is created if a lease is for a definite, limited period of time?

<p>Estate for years.</p> Signup and view all the answers

Who must sign a lease to make it valid?

<p>The tenant and the landlord, or their authorized agent.</p> Signup and view all the answers

Which of the following is not likely to be included in the amount a tenant pays for rent?

<p>Court costs associated with eviction proceedings</p> Signup and view all the answers

What should a landlord include in a lease provision about pets?

<p>All of the above</p> Signup and view all the answers

When specific improvement provisions are included in a lease, what are they sometimes referred to as?

<p>Leasehold improvements.</p> Signup and view all the answers

What type of option is created if the lease says the tenants have the first right to purchase the property?

<p>Right of first refusal.</p> Signup and view all the answers

When a tenant signs over their rights and responsibilities to someone else, what have they done?

<p>Assigned the lease.</p> Signup and view all the answers

Under a sublease, who is responsible for making rent payments every month?

<p>The original tenant.</p> Signup and view all the answers

What is the most common cause for breaching a lease?

<p>The rent isn't paid as agreed.</p> Signup and view all the answers

Which of the following are provisions of the Uniform Residential Landlord and Tenant Act (URLTA)?

<p>All of the above</p> Signup and view all the answers

What type of leasehold estate exists when occupation is for an undefined period of time?

<p>Estate at will.</p> Signup and view all the answers

Which of the following are exceptions to the landlord's obligation to provide a habitable dwelling unit?

<p>All of the above</p> Signup and view all the answers

Under this type of lease, the landlord is responsible for paying all of the costs of operating and maintaining the property?

<p>Gross lease.</p> Signup and view all the answers

With this type of lease, the rent payments go up periodically?

<p>Graduated lease.</p> Signup and view all the answers

What type of leasehold estate specifies a rental period but no pre-defined end date?

<p>Periodic estate.</p> Signup and view all the answers

What type of lease gives a lessee the rights to oil and gas under the lessor's land?

<p>Oil &amp; gas lease.</p> Signup and view all the answers

How can an estate at will be terminated?

<p>All of these are true</p> Signup and view all the answers

Under which of these scenarios would using a percentage lease make the most sense?

<p>Tenant is a coffee shop in a strip mall.</p> Signup and view all the answers

If a property owner does not give the tenant possession of the property by the end of the 'delay' provision specified in the lease, what can the tenant do?

<p>The tenant may cancel the lease without penalty.</p> Signup and view all the answers

Which of the following is not documented in section 3 of the Lease for Residential Property Agreement?

<p>The tenant's bank account number</p> Signup and view all the answers

The Georgia Lease for Residential Property includes provisions for which of the following special fees?

<p>All of these fees may be included</p> Signup and view all the answers

Under which of the following circumstances may a tenant be in default of their lease agreement?

<p>Any of these events may constitute default</p> Signup and view all the answers

Which of the following is typically the tenant's obligation under the Lease for Residential Property Agreement?

<p>All of the above</p> Signup and view all the answers

What is the shortest time period for an estate for years?

<p>There is no minimum time period.</p> Signup and view all the answers

Which of the following is an example of a periodic estate?

<p>Month-to-month lease.</p> Signup and view all the answers

Landlord-tenant law is primarily governed by...?

<p>State law.</p> Signup and view all the answers

Which of the following is not a required component of a lease contract?

<p>Eviction clause.</p> Signup and view all the answers

When the lessee (tenant) signs the lease, what contract element is satisfied?

<p>Acceptance.</p> Signup and view all the answers

Can a tenant make improvements to leased property?

<p>Yes, with the landlord's permission.</p> Signup and view all the answers

What type of leasehold estate exists when a tenant didn't renew their lease but didn't move out?

<p>Estate at sufferance.</p> Signup and view all the answers

When the original lease remains in effect and the tenant enters into their own lease with someone else, what have they created?

<p>Created a sublease.</p> Signup and view all the answers

Which of the following occurs when a tenant doesn't uphold their end of the agreement?

<p>Actual eviction.</p> Signup and view all the answers

Tenants with disabilities are authorized to make reasonable accommodations to leased property under which act?

<p>Americans with Disabilities Act.</p> Signup and view all the answers

A type of lease for land that may be secured by improvements the tenant makes to the land is called a...?

<p>Ground lease.</p> Signup and view all the answers

What type of lease does a tenant have if they pay rent plus property taxes?

<p>Single net lease.</p> Signup and view all the answers

When an oil and gas lease is set to expire but drilling is underway, what usually happens?

<p>The lease will remain in effect.</p> Signup and view all the answers

The landlord must provide the tenant with a damage report documenting damage existing on the move-in date. Which of the following is a true statement?

<p>All of these statements are true</p> Signup and view all the answers

If a landlord decides to accept pets, what else is required under the agreement?

<p>A separate Pet Exhibit.</p> Signup and view all the answers

For any utilities that the tenant is responsible for under section 11 of the Lease agreement, how many banking days after the start of the lease does the tenant have to connect and pay?

<p>Three days.</p> Signup and view all the answers

If a tenant does not vacate the property at the end of the lease, they are said to be...?

<p>Holding over.</p> Signup and view all the answers

Section 18 of the Lease for Residential Property Agreement addresses which party is responsible for lawn care and exterior maintenance?

<p>Driveways, walkways, and grounds.</p> Signup and view all the answers

Study Notes

Leasehold Estates Overview

  • Leasehold estates are created through leases, contrasting with fee simple estates formed via deeds.
  • An estate for years becomes a periodic estate if it ends without a specified termination date.
  • Leasehold estates are classified as personal property interests.

Types of Leasehold Estates

  • Holdover tenancy refers to an estate at sufferance where the tenant continues to occupy the property after the lease term.
  • An estate at will entails undefined occupancy that can be terminated by either party.
  • An estate for years is for a definite, limited period, while a periodic estate has defined rental periods but no set end date.

Lease Agreements and Provisions

  • A lease is a legal contract allowing tenants occupancy of real property under specific conditions.
  • Important components include consideration (typically rent), tenant responsibilities, and provisions regarding pets and property improvements.
  • Lease terms may include special fees for unauthorized actions, such as having unauthorized pets or smoking.

Tenant and Landlord Responsibilities

  • Tenants must maintain the property and notify landlords of needed repairs, but landlords are responsible for major repairs.
  • Original tenants remain liable for rent under a sublease arrangement, while in an assignment, the new tenant assumes full responsibility.
  • Tenants may have the right to make improvements with landlord approval, following compliance with building codes.

Lease Breaches and Defaults

  • Rent non-payment is the most common cause for breaching a lease, leading to actual eviction.
  • Default can occur from various events, such as bankruptcy or moving out before the lease ends.
  • Landlords must provide damage reports upon tenant move-in, and both parties should sign the report.

Special Lease Types and Conditions

  • Gross leases place all operating and maintenance costs on the landlord; single net leases require tenants to pay rent and property taxes.
  • Percentage leases are suitable for businesses like coffee shops that can implement sales-based rent structures.
  • Ground leases allow tenants to secure land with improvements, while oil and gas leases grant rights to minerals beneath the surface.
  • Landlord-tenant laws are primarily governed by state law, alongside adherence to federal fair housing legislation.
  • The Americans with Disabilities Act mandates reasonable accommodations for tenants with disabilities.

Lease Termination and Rights

  • Tenants can cancel leases without penalty if possession is not granted by the specified "delay" provision.
  • Holdover tenants risk eviction by the landlord after lease expiration, which can lead to actual eviction proceedings.

Important Dates and Notifications

  • Tenants have three banking days from the lease start to connect and pay for utilities they are responsible for under the lease agreement.
  • In lease agreements, any mutually exclusive obligations, such as caring for lawns and maintaining exteriors, must be explicitly stated.

Additional Notes

  • Lease contracts generally do not require an eviction clause.
  • Landlords must address provisions for pet ownership if accepted, often through a separate Pet Exhibit.
  • Improvements made by tenants on leased property require explicit landlord consent to ensure compliance with relevant regulations.

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Test your knowledge on leasehold estates with these flashcards. Learn how they are created through leases and the types that exist, such as periodic estates. Perfect for real estate students or anyone interested in property law.

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