Chapter 33 Business Law and Ethics – Flashcards
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Lessee
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the tenant in a lease
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Lessor
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the landlord in a lease
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Tenancy
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tenants own an interest in the real estate they lease
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Tenancy for Years
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the right to occupy property for a definite or fixed period of time
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Periodic Tenancy
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a tenancy that continues for successive fixed periods.
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Constructive Eviction
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occurs when a landlord breaches a duty under the lease. You may consider the lease terminated, leave the premises, and stop paying rent
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Rent Day
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the day on which rent is due
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Tenancy at Sufferance
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arises when a tenant doesn't leave the premises after his or her tenancy has expired.
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Lease
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a written agreement between a lessor and a lessee
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Security Deposit
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used to secure the payment of rent or repairs for damages to the property
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Assignment
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occurs when you transfer the remaining period of time in a lease to someone else
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Sublease
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occurs when you transfer part of the term of a lease, but not the remainder of it, to someone else.
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Implied Warranty of Habitability
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any repairs the landlord must make to keep the premises fit for living
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Rent Control Laws
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limit what landlords can charge for rental property and also often contain procedures that must be followed before tenants can be evicted
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Civil Rights Act
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places special emphasis on human needs and rights.
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Quiet Enjoyment
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your right to undisturbed possession of the property
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Waste
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substantial damage to premises that significantly decreases the value of the property
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Fixtures
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items of personal property attached to real property
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Trade Fixtures
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items of personal property brought to the premises by the tenant that are necessary to carry on the trade or business to which a rental property will be devoted
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Eviction
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occurs when a landlord deprives a tenant of the physical possession of the premises
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Tenancy at Will
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an interest in real property that continue for an indefinite period of time. No written agreement is required.
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When is a periodic tenancy terminated?
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when one of the parties gives advance notice
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When is a tenancy at will terminated?
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when either the landlord or the tenant gives notice required by law, which is usually 30 days.
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What is a tenancy at sufferance also called?
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A holdover tenant
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What does the tenant want in a lease?
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possession and continued occupancy, free from interference or annoyances
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What does the landlord want in a lease?
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rent and possession of the property in good condition at the term's end
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Is the landlord required to decorate the premises?
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No
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If a landlord doesn't want a tenant to assign or sublet the property, what must be done?
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the covenant must say so.
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Who is responsible for the rent in a sublease or assignment?
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the original tenant
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What are the landlord's duties in a lease?
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these duties include refraining from practicing discrimination in renting property, maintaining the premisses, and delivering peaceful possession.
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It is against the law for a landlord to refuse to rent or lease property to any person because of...
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race, religion, color, national origin, sex, age, ancestry, or marital status
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What does it mean that rental property offered for dwelling purposes must be fit for habitation?
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it means that it must be relatively clean, properly heated, furnished with utilities, and safe
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What are the tenant's duties?
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paying rent, abiding by the terms of the lease, avoiding waste, and returning fixtures
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What must be returned to the property even if the tenant purchased it?
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fixtures
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What remains the personal property of the tenant and can be removed at the end of the occupancy?
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trade fixtures
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How must a landlord evict a tenant?
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peacefully and with a court order
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Who is liable for an injury caused in a common area?
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the landlord
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Who is liable for an injury caused by a portion of the premises that the tenant has control of?
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the tenant
