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Unit 12
| Term | Definition |
|---|---|
| Actual Eviction | Action whereby a defaulted tenant is physically ousted from rented property pursuant to a court order |
| Americans with Disabilities Act (ADA) | Mandates certain adaptations of real estate to accommodate various disabilities |
| Assignment | The transfer in writing of interest in a contract, mortgage, lease, or other instrument |
| Constructive Eviction | Landlord actions that so materially disturb or impair the tenants enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent |
| Demise | The transfer of property by lease |
| Estate for Years | An interest for a certain, exact period of time in property leased for a specific consideration |
| Gross Lease | A lease of property under which a landlord pays all the property charges regularly incurred through ownership, such as repairs, taxes and insurance |
| Ground Lease | A lease of land only, on which the tenant usually owns a building or constructs a building as specified in the lease |
| Holdover Tenancy | A tenancy whereby a leasee retains possession of the leased property after their lease has expired and the landlord by continuing to accept rent, agrees to the tenants continued occupancy |
| Implied Warranty of Habitability | Landlords responsibility for decent living conditions |
| Lease | A written or oral contract between a landlord and the tenant that transfers the right to exclusive possession and use of the landlords real property to the leasee for a specified period of time |
| Leasee | A tenant |
| Lessor | A landlord |
| Net Lease | A lease requiring the tenant to ay not only rent but also some or all costs maintaining the property (i.e, taxes, insurance, utilities, repairs) |
| Percentage Lease | A lease commonly used in malls - rent is based off the tenants gross sales |
| Periodic Estate | An interest in leased property that continues from period to period, week to week, month to month, or year to year |
| Property Manager | Someone who manages real estate for another person for compensation |
| Suit for Possession | Landlords court action to evict a tenant |
| Tenancy at Sufferance | A situation in which the tenant comes into possession of land by lawful title and keeps it after without any right at all |
| Tenancy at Will | An estate that gives the leasee the right of possession until the estate is terminated by either party; the term of this estate is indefinite |
| Truth-in-Renting | NJ requirement that tenants be informed of their rights; the notice must be available in english & spanish |
Created by:
MAK89
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