according to IRS, defers taxes on the sale of the investment, business, or rental properties when the net proceeds are reinvested in other business real estate (page 139)

a lease in which a flat or fixed amount of rent is paid by the tenant (page 138)

a specialized type of net lease in which the lessor leases a piece of vacant land to the lessee, usually with the stipulation that the lessee at his or her own expense will construct a building thereon (page 139)

one who failed to vacate or surrender possession of the premises on the ending date of a term tenancy (page 130)

a type of lease in which the tenant agrees to pay the taxes, insurance, repairs and other operating expenses of the premises (page 138)

a lease whose rental is based in part on the gross sales made by the tenant on the premises (page 139)

an estate continuing from period to period until terminated by proper notice from one of the parties (page 128)

the compensation paid by the lessee for the possession of the leased property (page 135)

necessitates that certain contracts, to be enforceable, be supported by a written memorandum and signed by the party against whom enforcement is sought (page 133)

tenancy at sufferance

created when a person is wrongfully in possession of another's land without a valid lease (page 130)

exists until until either party chooses to terminate it (page 129)

An estate for a specified period of time that has a specific beginning date and a specific ending date. When the ending date arrives, the estate is terminated without notice by either party. (page 127)

lessee pays the rent, taxes, insurance and maintenance costs (page 138)

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Chapter 7

Chapter 7 - Key Terms

Question	Answer
1031 exchange	according to IRS, defers taxes on the sale of the investment, business, or rental properties when the net proceeds are reinvested in other business real estate (page 139)
gross lease	a lease in which a flat or fixed amount of rent is paid by the tenant (page 138)
ground lease	a specialized type of net lease in which the lessor leases a piece of vacant land to the lessee, usually with the stipulation that the lessee at his or her own expense will construct a building thereon (page 139)
holdover tenant	one who failed to vacate or surrender possession of the premises on the ending date of a term tenancy (page 130)
net lease	a type of lease in which the tenant agrees to pay the taxes, insurance, repairs and other operating expenses of the premises (page 138)
percentage lease	a lease whose rental is based in part on the gross sales made by the tenant on the premises (page 139)
periodic tenancy	an estate continuing from period to period until terminated by proper notice from one of the parties (page 128)
rent	the compensation paid by the lessee for the possession of the leased property (page 135)
statute of frauds	necessitates that certain contracts, to be enforceable, be supported by a written memorandum and signed by the party against whom enforcement is sought (page 133)
tenancy at sufferance	created when a person is wrongfully in possession of another's land without a valid lease (page 130)
tenancy at will	exists until until either party chooses to terminate it (page 129)
term tenancy	An estate for a specified period of time that has a specific beginning date and a specific ending date. When the ending date arrives, the estate is terminated without notice by either party. (page 127)
triple net lease	lessee pays the rent, taxes, insurance and maintenance costs (page 138)

Created by: rainesv

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