Chapter 33 Business Law and Ethics

question

Lessee
answer

the tenant in a lease
question

Lessor
answer

the landlord in a lease
question

Tenancy
answer

tenants own an interest in the real estate they lease
question

Tenancy for Years
answer

the right to occupy property for a definite or fixed period of time
question

Periodic Tenancy
answer

a tenancy that continues for successive fixed periods.
question

Constructive Eviction
answer

occurs when a landlord breaches a duty under the lease. You may consider the lease terminated, leave the premises, and stop paying rent
question

Rent Day
answer

the day on which rent is due
question

Tenancy at Sufferance
answer

arises when a tenant doesn’t leave the premises after his or her tenancy has expired.
question

Lease
answer

a written agreement between a lessor and a lessee
question

Security Deposit
answer

used to secure the payment of rent or repairs for damages to the property
question

Assignment
answer

occurs when you transfer the remaining period of time in a lease to someone else
question

Sublease
answer

occurs when you transfer part of the term of a lease, but not the remainder of it, to someone else.
question

Implied Warranty of Habitability
answer

any repairs the landlord must make to keep the premises fit for living
question

Rent Control Laws
answer

limit what landlords can charge for rental property and also often contain procedures that must be followed before tenants can be evicted
question

Civil Rights Act
answer

places special emphasis on human needs and rights.
question

Quiet Enjoyment
answer

your right to undisturbed possession of the property
question

Waste
answer

substantial damage to premises that significantly decreases the value of the property
question

Fixtures
answer

items of personal property attached to real property
question

Trade Fixtures
answer

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
question

Eviction
answer

occurs when a landlord deprives a tenant of the physical possession of the premises
question

Tenancy at Will
answer

an interest in real property that continue for an indefinite period of time. No written agreement is required.
question

When is a periodic tenancy terminated?
answer

when one of the parties gives advance notice
question

When is a tenancy at will terminated?
answer

when either the landlord or the tenant gives notice required by law, which is usually 30 days.
question

What is a tenancy at sufferance also called?
answer

A holdover tenant
question

What does the tenant want in a lease?
answer

possession and continued occupancy, free from interference or annoyances
question

What does the landlord want in a lease?
answer

rent and possession of the property in good condition at the term’s end
question

Is the landlord required to decorate the premises?
answer

No
question

If a landlord doesn’t want a tenant to assign or sublet the property, what must be done?
answer

the covenant must say so.
question

Who is responsible for the rent in a sublease or assignment?
answer

the original tenant
question

What are the landlord’s duties in a lease?
answer

these duties include refraining from practicing discrimination in renting property, maintaining the premisses, and delivering peaceful possession.
question

It is against the law for a landlord to refuse to rent or lease property to any person because of…
answer

race, religion, color, national origin, sex, age, ancestry, or marital status
question

What does it mean that rental property offered for dwelling purposes must be fit for habitation?
answer

it means that it must be relatively clean, properly heated, furnished with utilities, and safe
question

What are the tenant’s duties?
answer

paying rent, abiding by the terms of the lease, avoiding waste, and returning fixtures
question

What must be returned to the property even if the tenant purchased it?
answer

fixtures
question

What remains the personal property of the tenant and can be removed at the end of the occupancy?
answer

trade fixtures
question

How must a landlord evict a tenant?
answer

peacefully and with a court order
question

Who is liable for an injury caused in a common area?
answer

the landlord
question

Who is liable for an injury caused by a portion of the premises that the tenant has control of?
answer

the tenant

Get instant access to
all materials

Become a Member