Real Estate Fundamentals - Chapter 7: Rental Of Real Property

The interest that a tenant has in real property through a lease for a specific duration is known as an estate for tenancy or a tenancy for years.

In an estate for years (tenancy for years), both the landlord and the tenant are required to give notice of termination.

A periodic estate is the interest a tenant has in rental property for a specified period of time and then automatically terminates like the estate for years.

An estate at will is a type of interest in which the tenant occupies a property strictly at the will of the landlord and may be ended at any time by either the landlord or the tenant.

When a tenant remains in a leased proerty without the consent of the landlord it is known as a periodic tenancy.

A lease is a contract by which an owner/landlord of a real property gives to a renter/tenant the right of possession and use of the owner's property according to the terms of the lease in return for monetary compensation called rent.

The official contract name of the landlord is lessee, while the official contract name of the tenant is lessor.

The law in Pennsylvania that affects leases and the rights and obligations of landlords and tenants is known as the Confession of Judgement Provision Act of 1972.

According to rules and regulations of the PA Real Estate Commission, ALL contracts (including leases) used by licensees MUST be in writing.

Because a landlord can lose control of the leased premises in either a sublease or an assignment, most lease agreements prohibit a tenant from either subleasing or assigning the property to another.

A net lease is one in which the lessor receives a gross amount of money as rent from the lessee and from that rent the lessor is ressponsible for paying most or all of the expenses on the leased property such as taxes, insurance, utility bills, etc.

A breach lease is a lease on land that provides separate ownership between the land and buildings. It is typically used to lease land in certain areas of the country or world in which the purchase of land is extremely expensive because it is in great demand.

A percentage lease is a lease in which the rent is based on a percentage of the business volume or sales produced by the store.

A sale and leaseback is a combination of real estate transactions through which an owner sells his property and simultaneously enters into a lease to be able to remain in possession of the property as a tenant.

The Pennslyvania law that regulates housing is known as the Pennsylvania Human Relations Act.