5 Leases and Property Management Free Online FlashCards

What does a lease grant a tenant?

A lease gives a tenant the time-limited right to occupy or use property in exchange for rent; the landlord retains ownership.

What defines a fixed-term lease?

A fixed-term lease lasts for a stated period and has a specified end date. It should address renewal, early termination, and what happens if the tenant stays afterward.

Which costs commonly pass through in a triple-net lease?

A triple-net (NNN) lease commonly passes property taxes, insurance, and common-area costs to the tenant; the lease defines the actual allocation.

What is base rent?

Base rent is the recurring charge for the tenant’s use of the space. A lease should state its amount, due date, payment method, and any increases or late-charge terms.

What legal duties may landlords have toward a property?

Depending on local law and the property, landlords may need to maintain habitable housing, meet building and safety codes, make required repairs, and maintain shared areas.

What responsibilities commonly belong to tenants?

Tenants commonly must pay rent as agreed, follow lawful lease rules, use the property responsibly, avoid damage, and promptly report maintenance problems.

What practical rules might a lease specify?

A lease commonly specifies who pays utilities and routine upkeep, whether pets or subletting are allowed, how to request maintenance, and how much notice is required before entry.

When are lead-paint disclosures required before leasing?

For most covered pre-1978 housing, federal rules require specified lead-paint information to be disclosed before a lease is signed.

What does federal fair-housing law require in rental housing?

Federal fair-housing law prohibits discrimination in rental housing on specified protected grounds. Owners and managers should apply screening standards and lease terms consistently and follow applicable accommodation requirements.

What determines a property manager’s authority?

A property manager acts for the owner within the authority granted by the management agreement.

What does rental-unit turnover involve?

Turnover includes recording the unit’s condition at move-in and move-out, addressing repairs or cleaning, accounting for the deposit under local rules, and preparing the space for the next tenancy.

How does a periodic tenancy continue?

A periodic tenancy renews from period to period, often month to month, until ended with the required notice. Notice requirements depend on the agreement and applicable law.