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Chapter-12
Leases, Landlords and Tenants
| Term | Definition |
|---|---|
| CHAPTER-12 LEASE, LANDLORDS AND TENANTS | |
| Demise | Transfer of real property by lease |
| Is a tenant able to apply their security deposit to the last months rent | No |
| Penalty for the landlord if he fails to return a tenants security deposit minus any fees or charges is | Double the security deposit |
| Net Lease | Tenant pays rent plus a portion or al of the property expenses; CAMS |
| If a tenant has to with hold rent because the landlord failed to make repairs or reimburse tenant for repairs, where should the tenant deposit the rent | Into an Escrow Account |
| Where the landlord furnishes the rent | October 1st thru May 1st-68 F There in between 65F |
| Real Estate Settlement Act RESPA | Passed in 1974 Requires lenders to to inform Buyers and seller of all settlement cost To assist shopper to become more educated when home shopping |
| When space is sublet, who is responsible for the payment of case of default | Priority tenant. original signer |
| NJ Statue of Frauds requires for a lease for three or more years to beq | In writting |
| A lease for two or more years | Can be recorded; not required |
| Periodic Estate | A lease with no specific time period or date of termination Period to period |
| Percentage lease | Lease that tenant pays a minimal amount of rent monthly. Landlord receives a percentage of monthly gross receipts from business occupying space Mostly found in shopping malls |
| Which lease estate is automatically renewed until either party gives notice | Periodic estate |
| In an assignment of lease lease, who is responsible for the lease in case of default | Orignal tenant |
| A lease is what type of property | Personal Property |
| When a tenant posses the premisses, pays rent and has no definite date of termination. Creates what Tenancy | Month to Month Tenacy |
| Holdover Tenancy | When there is no new lease agreement between tenant and landlord, landlord can evict the tenant or allow him to stay, and except the holdover |
| If a NJ tenant remains in possession of the premises after giving notice to quit, the tenant can be held to | Paying double rent |
| A lease for six months with a definite date of termination is considered what type of Lease estate | Estate for years |
| Tenancy at the Sufferance | when tenant posses the premisses without the landlords consent |
| How much security deposit is a landlord aloud to hold | Month and a half |
| a lease for one year or more should state | Right to a three day attorney review |
| A tenant must return a security deposit to the tenant in how many days | 30 days |
| By law, a landlord is able to deduct what charges from the security deposit | charges for damages or fees |
| Lease Hold Estates | Involve tenants and landlords. allow the tenant to occupy property |
| Estate for Years | A lease for a specific period of time with a definite date of termination. No notice is required to quit at end of lease |
| John has a 12 month lease that expires on Dec. 31st. How much notice is required to vacate property | No notice requires. This is an Estate for years |
| Does Death terminate a lease for a Lessee | Yes it can and 90 days notice must be given to landlord |
| Properties exempt from Truth in Renting Act | Commercial Properties |
| To end a Month to Month tenancy, how much notice is required | one month |
| Tenancy at Will | Landlord allows tenant to posses the premises for indefinite length of time Example-Eminent Domain |
| Department of community affairs inspects dwelling with three or more units for rent | Every 5 years |
| A landlord is suppose to supply what information from the Owners and Managers Disclosure | Names and addresses of Owners Officers on the Corp. that are owners lending Institution |
| How much notice is required to quit a Tenancy at Will | Three Months |
| A rental Agent must furnish a prospective tenant with a | A written contract |
| If a prospective tenant gives a fee greater then $25.00, what is the agent required to do | Hand the funds over to their Broker immediatley |
| A tenant that transfer a portion of their space is | subletting |
| What form does a landlord have to furnish a tenant with and keep a copy posted on the premises | Notice of tenants and landlords responsibilities and duties |
| Implied warranty of Habitability | Landlords Guaranty that the space is habitual for humans to live |
| C.M.A | Comparative Market Analasys |
| M.L.S | Multiple Listing Service |
| How long does a tenant have to posses the premises in a Condo Conversion and their income earned to be protected from eviction | Two years before conversion Less than $50,000 annually and no more then three times the County per capita |
| In a Condo Conversion who is protected from eviction | Tenants 62 and older and the Handicapped |
| Tenants protected in a Condo conversion can occupy the space for | Forty years |
| Owners with ten or more units must supply the tenant with | Federal Governments Document of Housing And Urban development |
| Who is eligible to a five day grace period on leases | Seniors collecting social security Government retirees and railroad workers collecting a pension |
| Can a tenant be convicted with out the consent of the courts | No |
| Constructive Eviction | When a tenant can cease rent payment and vacate the premises because the landlord left it inhabitable |
| Is a lease considered a conveyance and a contract | Yes Conveyance transfer the property to the tenant Contract sets forth the conditions |
| Four Leasehold Estates are | Estate For Years Periodic estate Tenancy at Will Tenancy at the Sufferance |
| How much notice is required to quit a Year to Year Lease | Three Months |
| If a tenant breaches the lease and poses the premises without the landlords consent, how can he regain possession | File a suit of possession or Summary Proceedings |
| Triple Net Lease | Tenant pays rent and ALL property expenses-CAM |
| Index Lease | Rent can increase or decrease throughout the lease term according to the consumer index |
| Ground Lease | along term lease where Tenant builds a building and pays all the property expenses and sometimes the mortgage |
| Graduated Lease | Lease that the rent will increase on definite dates throughout its term |
| Truth in Renting applies to | 1-4 family and Mobile Homes Residential |
| A ground lease is what type of lease | Net |
| Employee who preserves the value of the owners investment while generating income as yhe agent for the owner | Property Manager |
| First step of engagement between the owner and the New Property Manager enter into | A manager Agreement |
| C.P.M | Certified Property Manager |
| Transfer primary responsibility of a lease to a third party | Assignment |
| Property Manager Agreement | Manager agreement |
| Suit for Possession legal eviction of a tenant in default | Actual Notice |
| Lead Base Disclosure must be furnished to a tenant that is \ | Renting in a dwelling constructed before 1978 |
| Nj Sate requirement of informing tenants of their rights | Truth In Renting Act |
| Federal Dept. of Housing and Urban Development is also know as | HUD |
| Before a tenant can claim constructive notice they should | Consult an Attorney of Law and vacate |
| What does the HUD form inform a tenant of | Special; insurance for units rented in high risk areas that won't qualify for insurance |
| Can a lease be oral | yes |
| Truth In Renting act | NJ requirement that all tenants be informed of their rights |
| When does a lease have to be in writing | A lease for 3 or more years |
| Two Types of variable Leases | Graduated and Index |
| Can a Tenancy in Suffering be evicted at anytime | Yes |
| Lessor | Landlord |
| Can a License write a Commercial Lease | No only Attorney can |
| Lessee | Tenant |
| Functiions of a Property Manager | Screen Tenants and write leases Collect rents Maintenance of property Budget Control Accounting Employees |
| Requirements for a lease | Must indicate business relationship Acknowledge CIS Three dat Attorney review Lead Paint Disclosure |
| Gross Lease | Tenat pays fixed rent and landlord pays all property expenses |
| From and owner of real estate to a tenant that transfers the right to poses real property of the owner for a period of time | A Lease |
Created by:
joeperrone