Michigan Real Estate Ch. 13 - Leasehold
Estates
assignment - correct answer ✔✔the tenant transfers a portion of his/her lease rights to another
Escalated lease - correct answer ✔✔- a gross lease, provides for rental changes in proportion to changes
in the lessor's cost of ownership & operation of property
eviction - correct answer ✔✔legal action in the court system for removal of the tenant and his/her
belongings & a return of possession of the premises to the landlord
Fixed lease - correct answer ✔✔the rental amount remains constant during the term of the lease
aka flat lease
Graduated Lease - correct answer ✔✔- lease where the rental amount changes from period to period
over the term of the lease
Gross lease - correct answer ✔✔provides the owner(lessor) to pay all expenses
ie real property taxes, owners insurance, liability insurance & maintenance
Ground lease - correct answer ✔✔a lease of unimproved land ususally for construction purposes
Holdover Tenant - correct answer ✔✔when tenant refuses to vacate premises after lease expiration
Index lease - correct answer ✔✔the rental amount changes in proportion to changes in the government
cost of living index or some other index agreed to by the parties
Lease - correct answer ✔✔- a contract between the owner of the property & the tenant
- owner transfers a property interest & possession to the tenant for a period of time
Estates
assignment - correct answer ✔✔the tenant transfers a portion of his/her lease rights to another
Escalated lease - correct answer ✔✔- a gross lease, provides for rental changes in proportion to changes
in the lessor's cost of ownership & operation of property
eviction - correct answer ✔✔legal action in the court system for removal of the tenant and his/her
belongings & a return of possession of the premises to the landlord
Fixed lease - correct answer ✔✔the rental amount remains constant during the term of the lease
aka flat lease
Graduated Lease - correct answer ✔✔- lease where the rental amount changes from period to period
over the term of the lease
Gross lease - correct answer ✔✔provides the owner(lessor) to pay all expenses
ie real property taxes, owners insurance, liability insurance & maintenance
Ground lease - correct answer ✔✔a lease of unimproved land ususally for construction purposes
Holdover Tenant - correct answer ✔✔when tenant refuses to vacate premises after lease expiration
Index lease - correct answer ✔✔the rental amount changes in proportion to changes in the government
cost of living index or some other index agreed to by the parties
Lease - correct answer ✔✔- a contract between the owner of the property & the tenant
- owner transfers a property interest & possession to the tenant for a period of time
