Real Final 2

Card Set Information

Real Final 2
2013-12-10 03:03:22
Real Final
Show Answers:

  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