Flashcards in Property Management Deck (22)
When the tenancy is of uncertain term and requires no notice for termination, it is called:
Tenancy at will
A Lessee has secondary responsibility to pay the rent is:
Lessee has primary responsibility to pay the rent
Lessor pays utilities, property tax or hazard insurance. This is an example of:
Lessee pays all utilities & maintenance. This is an example of:
Pay flat amount plus a share of profits. This is an example of:
Lease payments increase over course of lease. This is an example of:
Increases in taxes shared by tenant. This is an example of:
Lease the land, own the improvements. This is an example of:
Which of the following is for air, mineral rights?
Which of the following applies to rent increases/decreases tied to a financial indicator?
Which of the following uses an interval market evaluation?
The former owner now leases from the buyer. This is called a sale/leaseback.
In a sale and leaseback, the seller becomes the tenant.
Leasehold rights are:
When lessees abandon property before the expiration of the lease, they have a legal obligation to continue to pay rent.
Periodic tenancy automatically renews, and is referred to on the streets as a month-to-month lease. In Utah, if length of notice to terminate is not specified in the lease, the statutory requirement is ____ days.
An unwanted lessee illegally possessing the property is known as a Tenant at Sufferance. Upon termination of the lease, if the lessor accepts rent, the lessee becomes a ____________ tenant.
To evict an unwanted tenant, landlords must give the tenant notice to quit. They then file with the court an unlawful detainer action. If the court rules in favor of the landlord, a writ of restitution/eviction is issued and the sheriff puts the tenant out.
The rights the tenant has to use necessary wood and water on the leased property:
A clause in a mortgage to protect lessees, in case of foreclosure, against the lessor is known as a non-_____________ clause.