Check Your Understanding-Answers
- What should a good management contract contain?
Terms and period of the contract.
Policies pertaining to the management of the premises.
Management fees.
Authority and powers given by the owner to the manager.
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Which type of leasehold estate is commonly referred to as a periodic tenancy?
Estate from period to period.
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Define a gross lease.
The tenant pays a fixed rent and the owner pays the taxes, insurance and other normal ownership expenses.
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Under what conditions may a landlord enter a tenant's property?
Only when one of the following conditions exists:
An emergency requires the landlord to enter.
The tenant gives consent to enter.
The landlord enters during normal business hours and only after giving 24 hours' notice to either make repairs or to show the property to prospective tenants, purchasers or contractors.
The tenant has abandoned or surrendered the property.
The landlord has a court order allowing the entry.
