Real Estate Lease Contracts and Regulations Flashcards

Vocabulary flashcards covering lease contracts, types of leasehold estates, landlord and tenant rights, default remedies, and URLTA regulations.

Lease

An instrument of conveyance and a contract between parties conveying a leasehold interest without legal title.

Lessor

The landlord who grants a leasehold estate in a lease agreement.

Lessee

The tenant who receives a leasehold interest in a lease agreement.

Leasehold Estate

An interest in real property conveyed by a lease that does not confer legal title; also called a less-than-freehold estate.

Estate for Years

A type of leasehold estate that has a specific lease term.

Estate from Period-to-Period

A leasehold estate with a lease term that automatically renews.

Estate at Will

A leasehold estate that has no specified lease term.

Estate at Sufferance

A tenancy that occurs without the consent of the landlord.

Exclusive Possession & Occupancy

The tenant's sole right to occupy and use the leased premises during the lease term.

Quiet Enjoyment

The right of a tenant to use the property without unreasonable interference from the landlord.

Leased Fee Estate

The estate retained by a landlord upon conveying a leasehold estate, giving the landlord rights to receive rent and repossess the property after the lease ends.

Subletting

The transfer of a portion of a tenant's leasehold interest to a sublessee, where the sublessor remains liable for the original lease with the landlord.

Assignment

The transfer of a tenant's entire leasehold interest to a third party (assignee), leaving no residual rights with the original tenant.

Gross Lease

A lease (also called a full service lease) requiring the landlord to pay operating expenses, while the tenant pays a higher fixed rent.

Net Lease

A lease requiring the tenant to pay utilities, internal repairs, insurance, operating expenses, and a proportionate share of taxes in addition to rent.

Percentage Lease

A lease typically used for retail properties where the tenant pays rent equal to a percentage of periodic gross sales.

Ground Lease

Also called a land lease; a long-term lease (generally 30 to 50 years) concerning only the land portion of real property.

Proprietary Lease

A lease conveying leasehold interest to an owner of a cooperative, with rent equal to the owner's share of periodic expenses.

Suit for Specific Performance

A legal remedy in which a court orders a defaulting party to perform the specific obligation that was breached.

Constructive Eviction

An action taken by a tenant when a landlord's default renders the property unoccupiable, requiring the tenant to vacate to nullify lease obligations.

Uniform Residential Landlord and Tenant Act (URLTA)

A model law enacted as a foundation for state legislation to regulate residential leasing, standardize rights, and protect tenants from unethical practices.