Unit 18 Leases
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Chapter 18: Leases Anyone with an interest in rental property should be aware of the basic provisions of leases and management agreements, and other landlord-tenant issues. Real estate professionals should be knowledgeable about the local rental market to better assist prospective buyers or investor-buyers, or to manage their own portfolios.
Chapter Objectives Explain the essential elements of leasehold interests. Describe the essential terms of a lease agreement. Distinguish the various types of leases. Explain the means by which the lease may be terminated and discharged and the remedies available to the parties for its breach.
Key Terms to Record actual eviction ground lease percentage assignment holdover lease constructive eviction tenancy purchase estate (tenancy) at sufferance lease option estate (tenancy) at will lease purchase renewal estate (tenancy) for years leasehold estate option estate (tenancy) from period to lessee rent period lessor reversionary gross lease month-to-month right right of first refusal tenancy sale-and-leaseback net lease security deposit nondisturbance sublease clause
Leasing Real Estate Leasehold Estates Estate for Years Estate from Period to Period Estate at Will Estate at Sufferance
Lease Agreements Requirements Capacity to contract Legal objective Offer and acceptance Consideration
Types of Leases Gross Lease Net Lease Percentage Lease Variable Lease Ground Lease Oil and Gas Lease Lease Purchase Sale-and-leaseback
Discharge of a Lease Breach Actual Eviction Constructive Eviction Pro tenant Legislation Fair Housing and Civil Rights Laws
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Unit 18 Quiz A tenant moves a pet into an apartment community that has a no-pets policy. The landlord wishes to remove the tenant due to the breach. The legal process to remove a tenant is known as a. constructive eviction b. eminent domain c. actual eviction d. partial eviction
C. actual eviction
Which of the following is TRUE about a holdover tenant? a. The landlord must accept additional rent if the tenant remains on the premises b. The tenant must give the landlord a 30-day notice to vacate c. The tenant may continue to occupy the premises without permission of the landlord d. The landlord may evict the tenant
D. The landlord may evict the tenant
Rent would BEST be described as a. contractual consideration to a third party b. consideration for the use of real property c. all monies paid by the lessor to the lessee d. the total balance owed under the terms of a lease
B. consideration for the use of real property
A tenancy in which the tenant continues in a possession after the lease has expired, without the landlord s permission, is a a. tenancy for years b. periodic tenancy c. tenancy at will d. tenancy at sufferance
D. tenancy at sufferance
A tenant signs a lease that includes a schedule of rent increase on specific dates over the course of the lease term. What kind of lease has this tenant signed? a. Percentage b. Net c. Graduated d. Index
C. Graduated
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