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Youth and Law Final

vocabulary

TermDefinition
Mortgage a type of loan used to purchase real estate
adjustable- rate mortgage The interest rate can change over time
Fixed -rate mortgage The interest rate stays the same throughout the term of the loan
Foreclosure The bank or other lender get's a court order that let's it take back the property and resell it
Landlord Person putting the place up for rent
Tenant The renter
Lease A rental agreement
Tenancy for years A lease that prevents the landlord from raising the rent or evicting the tenant during the lease ( the best lease for long-term renters
Month-to-month lease Renting for the time period of a month and enables you to leave after just 30 days
Rent control A limit on how much existing rents can be raised
Warranty of habitability The landlord promises to provide a place fit for human habitation
Housing code Laws, Regulations, and standards for maintenance, sanitation, and safety
Eviction When the landlord believes the tenant has committed crimes or allowed the commission of crimes on the premises (they are kicked out)
Waste Damage done to property by the tenant
Waiver of tort liability A waiver saying the tenant cannot use the landlord if the tenant is injured
Right of entry When leases give landlords and their agents the right to enter the premises to make repairs, collect rent, or in force other provisions
Sublease clause Requires you to obtain the landlords permission before subleasing the apartment or house
Tort liability The responsibility someone has for causing a injury ( failing to use reasonable care )
Strict liability liability without fault (the defendant is liable to the plaintiff regardless of fault)
Rent tenants regular payment to landlord for a property
Created by: user-1775622
 

 



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