Chapter 7

Card Set Information

Author:
lacyelliott
ID:
150084
Filename:
Chapter 7
Updated:
2012-04-25 14:39:22
Tags:
leases americans disabilities act
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Description:
Federal and State Laws Pertaining to Real Estate
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  1. Blockbusting
    inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons.
  2. Steering or Channeling
    veering an individual, directly or indeirctly, into or awayy from a neighborhood on the basis of race, color, religion, sex or national origin.
  3. Redlining
    refusal by a lenderto approve a mortgage loan based on a propery being located in a certain geographical area, the age of the propery, the income level of the residents, or the racial composition of the area
  4. Owners of existing properites that do not comply with the _________ _________ _________ Act are required to make necessary modifications whenver such changes are economically feasible.
    Americans with Disabilites Act
  5. Owners, real estate licensees, landlords, or any person can be held liable to failure to disclose that the propery was the site of a homicide, suicide, or death.
    false
  6. Gross Lease
    fixed rent amount, owner pays ALL taxes, insurance, and maintenance costs. Usually these are residential leases.
  7. Net Lease
    tenant pays a fixed rent, plus all or a portion of the operating costs.
  8. Percentage Lease
    lease in which the tenant pays a monthly base rent plus a percentage of the annual or monthly gross sales of goods sold on the premisis.
  9. Assignment
    occurs when a lessee transfers all of the leased space for all the remaining time. The lessee is the assignor, and the person recieving the rights is the assignee.
  10. Sublease
    occurs if a lessee transfers less than 100% of the space that has been leased, or makes a transfer for a shorter period of time than the entire emaining lease period. The original lessee becomes the sublessor or the second landlord. This transaction is referred to as a sandwich lease as the original tenant is "sandwich lease" because the original tenant is sandwiched between the landlord and the sublessee.

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