Chapter 7 - Key Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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)
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| gross lease | a lease in which a flat or fixed amount of rent is paid by the tenant (page 138)
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| 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)
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| holdover tenant | one who failed to vacate or surrender possession of the premises on the ending date of a term tenancy (page 130)
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| 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)
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| percentage lease | a lease whose rental is based in part on the gross sales made by the tenant on the premises (page 139)
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| periodic tenancy | an estate continuing from period to period until terminated by proper notice from one of the parties (page 128)
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| rent | the compensation paid by the lessee for the possession of the leased property (page 135)
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| 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)
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| tenancy at sufferance | created when a person is wrongfully in possession of another's land without a valid lease (page 130)
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| tenancy at will | exists until until either party chooses to terminate it (page 129)
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| 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)
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| triple net lease | lessee pays the rent, taxes, insurance and maintenance costs (page 138)
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