Questions and Answers
Rent would BEST be described as?
If the lease covers land, such as a ground lease, what should be used?
For the protection of tenants, a mortgage of leased premises should include in the financing instrument?
A lessee who pays some or all of the property expenses has?
Signup and view all the answers
A tenancy in which the tenant continues in possession after the lease has expired, without the landlord's permission, is?
Signup and view all the answers
A lease should contain all of the following provisions EXCEPT?
Signup and view all the answers
The death of either the landlord or the tenant will terminate the lease and the parties' heirs will NOT be bound by its terms under which of the following tenancies?
Signup and view all the answers
Leases that run for 100 years or more?
Signup and view all the answers
Which type of leasehold estate lasts for a definite period of time and then ends?
Signup and view all the answers
In the absence of a notice to terminate, a lease that continues automatically would be?
Signup and view all the answers
An estate for years is a leasehold estate that?
Signup and view all the answers
A lease is a contract between?
Signup and view all the answers
Which of the following describes a net lease?
Signup and view all the answers
An arrangement whereby the owner of property sells the property and then leases it back is called?
Signup and view all the answers
A lease would be terminated by which of the following?
Signup and view all the answers
Which transaction is BEST described as involving a ground lease?
Signup and view all the answers
Which of the following would automatically terminate a residential lease?
Signup and view all the answers
When a tenant holds possession of a landlord's property without a current lease agreement and without the landlord's approval, what can happen?
Signup and view all the answers
At the termination of a rental agreement, what happens to the lease?
Signup and view all the answers
An example of constructive eviction would be a tenant?
Signup and view all the answers
Two common forms of eviction are?
Signup and view all the answers
Under the terms of a net lease, which property expense would the commercial tenant NOT be responsible for?
Signup and view all the answers
Study Notes
Rent
- Rent is consideration for the use of real property, signifying an exchange of value for possession.
Ground Lease
- Legal descriptions must be used for leases covering land, ensuring precise identification of the property.
Mortgage and Tenants
- A nondisturbance clause in a mortgage protects tenants by ensuring their tenancy remains intact even if the property is foreclosed.
Lease Types
- A net lease requires tenants to pay base rent plus property operating costs such as utilities, insurance, and taxes.
- A tenancy at sufferance exists when a tenant remains post-lease expiration without landlord consent.
Lease Provisions
- Essential lease provisions include the term of the lease, possession, and use of premises, but not a sale-and-leaseback clause.
Terminations
- Tenancy at will is terminated by death of either party, ending mutual consent.
- Leases lasting 100 years or more may be prohibited in certain states.
Estate Types
- An estate for years has a definite duration with specific start and end dates while a periodic tenancy renews automatically unless terminated.
Lease Contracts
- A lease is a contractual agreement between a lessor (landlord) and lessee (tenant), granting rights to occupy property.
Net Lease Definition
- In a net lease, a tenant pays rent along with most operating expenses related to the property.
Sale and Leaseback
- A sale and leaseback arrangement allows an owner to sell a property and lease it back, providing funds while retaining occupancy.
Conditions for Lease Termination
- A lease can be terminated by the expiration of the lease term, not by the death of the tenant or the sale of the property.
Ground Lease Characteristics
- Ground leases charge separate amounts for land and the building, creating distinct rental agreements.
Impact of Property Destruction
- Renters face automatic lease termination if the property is destroyed, unlike other scenarios such as tenant death or non-payment.
Tenant at Sufferance
- If a tenant occupies property without a current lease and without approval, the landlord is entitled to file suit for possession.
Lease Discharge
- Upon termination of a rental agreement, the lease is discharged; any unpaid rent is not automatically forgiven.
Constructive Eviction
- Constructive eviction occurs when a tenant leaves due to uninhabitable conditions, such as lack of water.
Types of Eviction
- The two primary forms of eviction are constructive eviction, where tenants terminate their lease due to landlord neglect, and actual eviction, where landlords legally remove tenants.
Net Lease Responsibilities
- In a net lease, tenants typically cover expenses like real estate taxes and maintenance, excluding mortgage debt service (landlord's payment obligations).
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on leases with these flashcards. Each card focuses on key concepts and definitions related to rental agreements and property law. Perfect for studying for real estate exams and understanding the fundamentals of leases.
