About This Chapter
Leases & Property Management - Chapter Summary
Real estate professionals don't just list and sell properties. Many agencies also manage residential and commercial rental properties. Understanding the the ins and outs of leases and rental management is an important skill for any real estate professional. This chapter covers everything from lease details to property management, including:
- Nonfreehold estates and tenancy
- Types of real estate leases
- Selling and renting back
- Terms of residential and commercial leases
- Landlord and tenant responsibilities
- Breach of lease rights and eviction
- Property management duties
Engaging lessons feature our experienced instructors and plenty of real-world examples, so not only will you learn the material faster, you'll remember it longer. Study the topics in any order you like - the Dashboard will keep track for you. Ready to move on to the next topic? Don't forget to take the self-assessment quiz with each lesson. It's a great way to reinforce what you have learned.
This course was last updated in 2020.
1. Nonfreehold Estates: Definition & Considerations
Many people and businesses rent rather than buy, and they will have property rights significantly different from those that own real estate. In this lesson, you'll learn about nonfreehold estates, including what they are and different types.
2. Types of Leases in Real Estate
A contract between a landlord and a tenant is a lease. In this lesson, you'll learn about different types of leases in typical real estate transactions including residential leases and commercial leases. A short quiz follows.
3. Preexisting Leases: Definition & Implications
What is a preexisting lease? What can be altered? This lesson will explain, as well as go over how private restrictions on real property and government regulations could affect both tenants and owners.
4. Sale-Leaseback: Definition, Advantages & Disadvantages
Businesses that are strapped for cash sometimes turn to a sale and leaseback transaction. In this lesson, you'll learn what a sale and leaseback is and its advantages and disadvantages.
5. Residential & Commercial Lease Provisions
Real estate leases outline the rights and responsibilities of landlords and tenants in both residential and commercial rental properties. In this lesson, you'll learn about common provisions that are found in residential and commercial leases.
6. Landlord Rights & Responsibilities
In this lesson, we will explore a landlord's legal rights and responsibilities in regard to their rental properties and tenants. We will discuss warranty of habitability, disclosure issues and lease inclusions.
7. Landlord & Tenant Rights After a Breach of Lease
If either a landlord or tenant breaks a portion of the lease agreement they still retain specific rights. In this lesson we will explore a few examples of breaches of lease and how each person's rights are involved in those situations.
8. The Typical Eviction Process
Landlords occasionally have to compel a tenant to vacate a building. This lesson will discuss a typical eviction procedure as well the tactic of 'constructive eviction'. A short quiz follows the lesson.
9. Property Management: Overview & Role
A professional or a business that deal with the day to day responsibility of real estate is called a property manager. In this lesson, we will explore the role of a property manager in real estate.
10. Property Owner Associations: Functions & Membership
This lesson will explain what property owner associations are and discuss their functions, responsibilities and benefits of membership. We will also discuss the differences between homeowner associations, condominium owner associations and property owner associations.
11. The Role of Property Management in Real Estate
In this lesson, you'll learn about the role of property management in real estate and the obligations, duties, and liabilities of both the property manager and the owner. You'll also learn how to calculate a property management fee.
12. Tenant Rights & Responsibilities
Tenants enjoy a number of rights and responsibilities when they lease a property. Let's look at some of these common entitlements and obligations to see what tenants can legally expect when working with their landlords.
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Other chapters within the Real Estate Exam Prep course
- Forms of Property Ownership
- Advanced Property Ownership Issues
- Encumbrances in Real Estate
- Advanced Encumbrances in Real Estate
- Land Use Laws, Regulations & Zoning
- Land Descriptions & Surveys
- Transfer of Real Property
- Advanced Transfer of Real Property
- Fair Housing & Consumer Protection
- Contracts In Real Estate Transactions
- Role of Agencies in Real Estate
- Property Valuation & Appraisal
- Real Estate Investment & Analysis
- Disclosures of Property Conditions
- Real Estate Financing
- Obtaining a Real Estate Loan
- Real Estate Closing & Settlement Procedures
- Principles of Practicing Real Estate
- Real Estate Ethics & Professional Responsibility
- Real Estate Exam Prep Flashcards