Chapter 6 - Landlord and Tenant (Lessor and Lessee)
The maximum deposit that can be collected and held for an unfurnished apartment is:
2 months.
The maximum deposit that can be collected and held for a furnished apartment is:
3 months.
Lease
A contract between an owner and tenant, setting forth conditions of tenancy for a fixed period of time.
Sale-leaseback
A financial arrangement in which, at the time of sale, the seller retains occupancy by concurrently agreeing to lease the property back from the purchaser.
Sublease
A lease given by a lessee
Net lease
A lease requiring a lessee to pay charges against the property, such as taxes, insurance, and maintenance costs in addition to rental payments
Lease-purchase option
A lease that includes the right to purchase later.
Sandwich lease
A leasehold interest that lies between the primary lease and the operating lease
Rent control
A legal maximum on rental price.
Assignment
A transfer of a person's entire right under a contract.
Ground Lease
An agreement for the use of the land only.
Estate at sufferance
An estate arising when the tenant wrongfully holds over after the expiration of the term.
Estate from period to period
An estate contract between owner and tenant, setting forth conditions of a period to period tenancy.
Able holds a 2 year lease with an option to purchase and assigns it to Baker. Which of the following is correct?
Baker would now hold the option.
Rent
Consideration paid for the occupancy and use of real property
Percentage Lease
Lease on the property, the rental payment for which is determined by a percentage of gross receipts from the business.
Which of the following is a benefit of a net lease?
Lessor receives net income.
Lessee
One who pays rent under a lease agreement.
Landlord
One who rents his or her property to another under a lease or rental agreement
Contract rent
Rent paid under a lease; the actual rent as opposed to the market rental value of the property
Which of the following is usually prorated in escrow?
Rents
Economic rent
The amount of rent expected if the property were currently available for renting.
Estate for years
The concept of possessing an interest in real property by virtue of a contract for a fixed and definite period of time.
Which of the following is often used when a commercial lead contains an escalator clause to adjust the rental amount periodically (usually annually) for inflation?
The consumer price index (CPI)
Writ of Possession
The court order physically expelling a tenant.
Eviction process
The general name of the process, from beginning to end, that serves to remove a person from the possession of real property.
Surrender
The giving up of an estate, such as a lease. A contractual agreement, having the consent of both parties, such as lessor and lessee, as opposed to abandonment.
Unlawful detainer or notice to quit
The name of the legal process to initiate the removal of a tenant.
Estate at will
The occupation of property by a tenant for an indefinite period, terminable by one or both parties (not common in ca).
Tenant
The party who pays rent for a lease or rental agreement
Rental agreement
a contract for the monthly rental of residential property
If real estate broker sells a property where the buyer will the possession prior to transferring title, the document he would hv the buyer and seller execute is called:
an interim occupancy agreement.
Lessor
an owner who enters into a lease agreement with a tenant
A tenant signed a written lease for 2 years on a home. The lease made no mention of assignments and / or subleasing. The tenant may:
assign or sublease the home since the lease did no address those items.
A single line of retail stores located along a major transportation corridor in a commercially zoned area would be known as a :
strip commercial development.
An estate at will can be ended by:
the lessor or lessee
