Real Final 2

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  1. Landlord

    Holder of fee simple

    Has right to exclusive use and possession during period of tenancy
  2. Tenancy for Years and termination
    • Leasehold lasting for fixed period of time specificed in lease
    • You know the termination date of lease

    Termination: Automatically at specified end date, NO NOTICE required
  3. Periodic Tenancy
    • Tenancy with NO definite end date
    • Continualy renews for like period of time unitl one party terminates
  4. Ways Periodic Tenancy are Created
    Express: to PJ on month to month basis beginning Novermber 1 2013

    Implied: No mention of duration, but payment of rent is at intervals. Holdover tenant where rent is accepted
  5. Periodic Tenancy Continuous  Renewal and Termination
    Continuous Renewal: Lease automatically renews for like periods of time unless notice of termination provided

    Termination: Is required, Notice of termination equal to length of tenancy period
  6. Tenancy at Will
    Tenancy for no fixed duration, with NO  provision for rent

    Created:Express or Implied

    Termination: Can be terminated at any time by either party, Death, 30 days notice
  7. Tenancy at Sufferance
    • (holdover tenancy) Tenant remains in possession of property after the tenancy period has terminated
    • Lessor can collect rent when there is no lease agreement
    • CA(Tenant is a trespasser bc no right to remain on property)
    • Termination: Eviction or creation of new tenancy term
  8. Gross Lease
    • Tenant pays fixed amount paid each month
    • No operating expenses paid
    • Modified Gross: Landlord requires tenant to pay for utility costs
  9. Common Commerical Type: Percentage Lease, Triple Net Lease
    Percentage: Tenant pays fixed base rent + % of revenue from business

    NNN: Fixed amount + Operating Expenses (property tax, property insurance, property maintenance)
  10. CAM
    Tenant pays prorated share of CAM

    In lease: allocated space, when tenant leaves, right to audit
  11. Rent Control
    Legal as longa s landlord can receive reasonable rate of return on its investment

    Limiations: increases, how often, late fees, total amount charged
  12. Lease Provisions
    Writing: if lease over a year than must be in wriritng (can be on napkin, letter, etc.)

    INcludes: Names/Signatures, Property Description, term of lease, amount of rent
  13. Security Deposit
    Maximum: 2 months for unfurnished, 3 months rent for furnished units

    NO LIMIT for commercial leases
  14. Prepaid Rent
    Landlords require tenants pre pay rent of months prior to taking possesion

    CA: 6 months residential, NO commercial limites
  15. Residential Implied Warranty
    Leased residential premises must be fit, safe, and sutiable

    Violation is a material breach of the lease (tenant can abandon premise and sue for damagaes)
  16. Commerical Lease Implied Warranty
    No warranty
  17. Implied Repair
    Maintenanc: Landlord must keep premise in repair (not for minor reparis and required to take care of common areas)

    Tenant has no duty to repair defects on premise
Card Set
Real Final 2
Real Final
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