real estate chapter 5

Lease

A contract between an owner and tenant, setting forth conditions upon which the tenant may occupy and use the property and the term of the occupancy

Lien

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation

Sublease

A lease given by a lessee.

Specific Lien

A lien that attaches to one specific property only.

A life estate entitles the holder to occupy and use the underlying real property for...?

A lifetime

Dominant Tenement

A parcel of real property that has an easement over another piece of property (the servient estate).

Servient Tenement

A parcel of real property that is encumbered by an easement of a dominant estate.

Remainderman

A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner.

Leasehold Estate

A tenant's right to occupy real estate during the term of the lease. This is a personal property interestA tenant's right to occupy real estate during the term of the lease. This is a personal property interest

Under an estate at sufferance, the landlord could go to court to have a trespassing tenant evicted. What is another possible remedy?

Accept the tenant for another similar lease term

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

Acceptance

Accretion

Accession by natural forces, e.g., alluvium.

Which of these is an example of a graduated lease?

All of the answer choices provided are correct Rent is adjusted annually based on CPI Rent is adjusted every 5 years based on appraised value Rent goes up by scheduled amounts, spelled out in the lease

Ground Lease

An agreement for the use of land only, sometimes secured by improvements placed on the land by the user.

Easement by Condemnation

An easement created by the government or government agency that has exercised its right under eminent domain

Easement in Gross

An easement that benefits an individual or legal entity, rather than a dominant estate.

Easement Appurtenant

An easement that benefits the dominant estate and "runs with the land". In other words, an easement appurtenant generally transfers automatically when the dominant estate is transferred.

Estate at Sufferance

An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the condition of the tenant's previous holding. Also called a tenancy at sufferance.

Voluntary Lien

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.

Encumbrance

Anything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements

Which of the following words would probably not indicate a fee simple determinable estat

Because

Lease contracts are used for...?

Both commercial and residential real estate

Which of the following would not be found in building codes?

Classification as commercial or residential

When property is "devisable", it means the property owner has the right to...?

Create a will or other document transferring ownership at death

This word means that a fee simple estate is inheritable?

Descendible

If a tenant agrees to pay rent, property taxes and insurance premiums, what type of lease do they have?

Double net lease

Tax

Enforced charge extracted of personal, corporations and organizations by the government to be used to support government services and programs.

The riparian rights doctrine says water rights for moving water belong

Equally to all property owners whose land borders the water

What is the word that describes a situation where property reverts to the state because there are no identifiable heirs capable of assuming ownership of it?

Escheat

When a property owner has a mortgage, property taxes can be paid easily through the use of what type of account

Escrow account

Property owners, whose land was seized under eminent domain laws, are entitled to...?

Fair compensation

With this type of lease, the rent payments go up periodically, on a pre-defined basis?

Graduated lease

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

Gross lease

Easement by Prescription

Implied easements granted after the dominant estate has used the property in a hostile, continuous, and open manner for a statutorily prescribed number of years.

The owner of a life estate is known as the...?

Life tenant

Deed Restrictions

Limitations in the deed to a property that dictate certain uses that may or may not be made of the property

Which of the following is an example of a periodic estate

Month-to-month lease

Under this type of lease, the tenant is responsible for base rent plus additional expenses like taxes, insurance, and maintenance?

Net lease

Lessee

One who contracts to rent, occupy, and use property under a lease agreement; a tenant.

A life estate based on someone else's lifetime is called a...?

Per autre vie life estate

Who is responsible for making sure local ordinances about occupancy controls are met when a property owner leases space to a tenant?

Property owner/landlord

The individuals who have the right to the property at the end of the measuring lifetime are called the?

Remaindermen

Which of the following repairs is the landlord not required to make under the covenant of habitability?

Repair a tenant's intentional damage to a wall

Condemnation

The act of taking private property for public use by a political subdivision upon payment to owner of just compensation.

Rent controls are a type of police power that limits

The amount a landlord can charge for rent

Covenants, Conditions, and Restrictions (CC&Rs)

The basic rules establishing the rights and obligations of owners of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.

Easement by Grant

The creation of an easement by one party expressly transferring the easement to another party

Alluvium

The gradual increase of the earth on a shore on an ocean or bank of a stream resulting from the action of the water.

Life Tenant

The owner of a life estate

Actual Eviction

The removal of a tenant by the landlord because the tenant breached a condition of a lease or another rental contract.

Escheat

The reverting of property to the State when heirs capable of inheriting are lacking.

Riparian Rights

The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owner's land provided such use does not injure other riparian owners

Littoral Rights

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.

Erosion

The wearing away of land by the act of water, wind, or glacial ice

Which of the following is not a right that a fee simple property owner has?

There are no restrictions

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

There is no minimum time period

What type of laws protect homeowners from the types of issues that can come from an industrial building being built in a residential neighborhood?

Zoning laws

Gross Lease

A lease in which the lessor pays all costs of operating and maintaining the property and real estate taxes.

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.

Graduated Lease

A lease which provides for a varying rental rate, often based upon a future determination; sometimes rent is based upon the result of periodic appraisals; used largely in long-term leases.

Judgment Lien

A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.

Mechanic's Lien

A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property.

Involuntary Lien

A lien imposed against property without consent of an owner.

Tax Lien

A lien imposed by law upon a property to secure the payment of taxes.

General Lien

A lien on all the property of a debtor.

Easement

A right, privilege or interest limited to a specific purpose which one party has in the land of another.

Avulsion

A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river

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

All of the answer choices provided are correct The landlord's right to enter leased property Landlord's right to maintain leased property Remedies for tenants if landlord defaults on their obligations

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

All of the answer choices provided are correct The property was destroyed by a tornado The tenant's malicious acts damaged the property The tenant's irresponsible acts damaged the property

Under which of the following scenarios is a landlord generally entitled to enter a leased premises?

All of the answer choices provided are correct To conduct required inspections To make repairs To show the unit to prospective tenants

What is an example of a term that could be included in a deed to create a fee simple determinable estate?

All of the answer choices provided are correct Until So long as During

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

All of the answer choices provided are correct What types of animals are allowed How many animals are allowed An additional security deposit requirement for pet damage

Property owners can avoid an escheat situation through which of the following ways?

All of these are true Establish a trust to hold real estate Naming beneficiaries in a will Filing a beneficiary deed or transfer on death deed

How can an estate at will be terminated

All of these are true The landlord transfers or sells the property to someone else The landlord dies The tenant dies

Accession

An addition to property through the efforts of man or by natural forces.

Easement by Implication

An easement that is not created by express statements between the parties; but as a result of surrounding circumstances that dictate that an easement must have been intended by the parties.

Life Estate

An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.

Fee Simple Determinable

An estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor

Remainder

An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real estate.

Fee Simple Absolute

An inheritable estate in land providing the greatest interest of any form of title.

Periodic Estate

An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called an estate from period to period.

Estate For Years

An interest in lands by virtue of a contract of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.

Lessor

An owner who enters into a lease agreement with a tenant; a landlord.

Encroachment

An unlawful intrusion onto another's adjacent property by improvements to real property, e.g., a swimming pool built across a property line.

Constructive Eviction

Any disturbance of the tenant's possession of the lease premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased.

Which of these pieces of information would you probably not find in an oil and gas lease?

How much the lessor will pay the lessee

Percentage Lease

Lease on the property, the rental for which is determined by the amount of business done by the lessee; usually a percentage of gross receipts from the business with provisions for a minimum rent.

When specific improvement provisions are included in a lease, giving the tenant the right to improve the property, they are sometimes referred to as...?

Leasehold improvements

Easement by Necessity

Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access.

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

Restricted access hours to the leased unit

Which of the following is not one of the three prongs that must be present to create a fee simple estate?

Reversionary

If a one-year lease begins on October 1, 2017, when does it end?

September 30th, 2018

Which of the following is not something a lease automatically gives a tenant the right to do?

Sublease the property

Fee Simple Estate

The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.

Reversionary Interest

The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest

Estate at Will

The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties

Priority of Lien

The order in which liens are given legal precedence or preference

Police Power

The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.

Eminent Domain

The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated.

One benefit of using a "confession of judgment" provision in a commercial lease is that...?

The tenant has waived their right to notices and court hearings