Unit 5 Vocabulary

The legal process of removing a tenant from rental property.

• Lessee
• Eviction
• Lease
• Landlord

The owner, or owner's representative, of rental property.

• Lessee
• Car Registration
• Lease
• Landlord

A written agreement that allows a tenant to use property for a set period of time at a set rent payment.

• Lessee
• Car Registration
• Lease
• Lessor

The person who takes possession of the property.

• Lessee
• Car Title
• Lease
• Lessor

The landlord or person responsible for the property.

• Deed
• Car Title
• Security Deposit
• Lessor

A month-to-month written contract that allows a tenant to leave a rented residence any time as long as he or she gives the required notice.

• Deed
• Rental Agreement
• Security Deposit
• Appraised Value

A detailed list of current property conditions.

• Deed
• Rental Inventory
• Security Deposit
• Closing Costs

A refundable amount that a renter pays in advance to protect the property owner against damage or nonpayment.

• Deed
• Used Car Rule
• Security Deposit
• Appraised Value

A person who rents property.

• Equity
• Sticker Price
• Tenant
• Closing Costs

Home value determined by examining the structure, size, features, and quality as compared to similar homes in the same geographic area.

• Equity
• Sticker Price
• Tenant
• Appraised Value