A periodic tenancy allows a tenant to remain within the property for an undetermined period of time, as the lease has no set end date.
Which type of lease is for limited period?
An operating lease is usually characterised by the following features: (i) It is a short-term lease on a period to period basis. The lease period in such a contract is less than the useful life of the asset.
Which lease is the most common and is for a definite period of time?
The lease continues from period to period, which can be from year to year, month to month, or week to week. Month to month is the most common periodic tenancy . Requires proper notice to terminate – 30 days, 60 days or whatever is agreed to in the lease. No definite ending date.
Which lease is considered a full service lease quizlet?
A gross lease , or full service lease, requires the landlord to pay the property’s operating expenses, including utilities, repairs, and maintenance, while the tenant pays only rent.
Under which of the following conditions does a lease remain in effect quizlet?
Under which of the following conditions does a lease remain in effect? – The property is destroyed .
What is the major advantage of leasing?
The biggest advantage of leasing is that cash outflow or payments related to leasing are spread out over several years , hence saving the burden of one-time significant cash payment. This helps a business to maintain a steady cash-flow profile.
Is lease and rent the same?
renting. The main difference between a lease and rent agreement is the period of time they cover. A rental agreement tends to cover a short term—usually 30 days—while a lease contract is applied to long periods—usually 12 months, although 6 and 18-month contracts are also common.
What is a lease for a definite period of time?
A lease is a tenancy for a definite period of time with a specific beginning date and a specific end date. ... A periodic tenancy is a tenancy that has a beginning date but no end date and continues indefinitely until terminated by either the landlord or tenant. The most common type of periodic tenancy is a month to month.
Is the owner of the asset in a lease agreement?
The lessor is the legal owner of the asset or property, and he gives the lessee the right to use or occupy the asset or property for a specific period.
Which time duration a lease can be made?
Q6- How lease can be made? According to section 107 of TPA, 1882, a lease can be made, if there is a lease of immovable property for a year , or for a term which may be exceeding one year or may be reserving a rent for a year, then it can be made only by the registered instrument.
Which of the following circumstances automatically terminates a lease?
A lease automatically terminates under which of the following circumstances: The leased property is foreclosed . One of the aims of the Uniform Residential Landlord and Tenant Act is to: discourage the use of unfair and overly complex leases.
In what type of lease would the tenant pay all expenses quizlet?
For example, in a triple net lease , the tenant pays all of the expenses in addition to the rent. A net lease, in particular a triple net lease, is commonly used by commercial tenants. A large company may have a triple net lease and rent an entire office building. You just studied 18 terms!
Which type of property is most likely to utilize a gross lease?
The gross commercial lease is used most often in multi-tenant and single tenant office buildings, industrial and some retail properties . The landlord collects fixed rents and pays the expenses out of them.
What happens to the lease in the case of foreclosure quizlet?
What happens to the lease in the case of foreclosure? The lease is extinguished. ... The tenant leases the ground from the landlord and owns the improvements.
What is the fundamental purpose of a building permit quizlet?
Terms in this set (12) What is the fundamental purpose of a building permit? zoning. regulate density.
What is one important difference between a sublease and a lease assignment?
A sublease can be for less than all of the leased premises , while an assignment that transfers the entire lease must be for all of the premises. A sublease is a more involved transaction, as it requires a full sublease document between the commercial tenant as sublessor and the sublessee.
