Exam vocabulary
Leasing & Property Management Glossary
18 Leasing & Property Management terms the exam expects you to know, in plain English.
- Assignment of Lease
- A transfer of a tenant's entire remaining interest in a lease to a new party.
- Constructive Eviction
- A landlord's failure to maintain a property so severely that it forces a tenant to vacate, treated as if evicted.
- Estate for Years
- A leasehold with a definite start and end date that terminates automatically without notice.
- Gross Lease
- A lease in which the tenant pays a fixed rent and the landlord covers operating expenses like taxes and insurance.
- Ground Lease
- A long-term lease of land alone, where the tenant typically owns any improvements built on it during the term.
- Holdover Tenancy
- A situation where a tenant remains in possession after a lease expires, which a landlord may treat as a new tenancy or evict.
- Implied Warranty of Habitability
- A landlord's legal obligation to keep rental property safe, sanitary, and fit for human habitation.
- Net Lease
- A lease in which the tenant pays base rent plus some or all of the property's operating expenses.
- Percentage Lease
- A lease common in retail where rent is based on a base amount plus a percentage of the tenant's gross sales.
- Periodic Tenancy
- A leasehold that renews automatically at set intervals, such as month-to-month, until either party gives notice.
- Property Management Agreement
- A contract establishing an agency relationship between a property owner and a property manager, defining duties and compensation.
- Quiet Enjoyment
- A tenant's right to use and enjoy a leased property without unreasonable interference from the landlord.
- Rent Roll
- A report listing all tenants, lease terms, and rental income for a property, used in property management and valuation.
- Sublease
- An arrangement where a tenant leases all or part of the property to a new tenant while remaining responsible to the original landlord.
- Tenancy at Sufferance
- A leasehold created when a tenant remains in possession after their lease has expired without the landlord's consent.
- Tenancy at Will
- A leasehold with no fixed term that either party may terminate at any time, typically with notice.
- Triple Net Lease (NNN)
- A lease where the tenant pays base rent plus property taxes, insurance, and maintenance.
- Vacancy Rate
- The percentage of a property's or market's rental units that are unoccupied at a given time.
Study the concepts behind these terms: Leasing & Property Management study guide
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