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The video tutorial explains the sublease consent form and the distinction between a sublease and an assignment. A sublease involves an agreement between a tenant and a subtenant, typically for part of the premises but can encompass the entire property. In a sublease, the tenant retains privity of contract with the landlord, while only transferring privity of estate to the subtenant, creating two separate contractual relationships. The tenant must inform the landlord of any issues with the premises, as there is no direct contract between the subtenant and the landlord. If the lease does not explicitly limit the right to sublease, it is generally assumed that the tenant can sublease freely, yet seeking consent is advisable to avoid misunderstandings.