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California Real Estate - Practice > Chapter 15 > Flashcards

Chapter 15 Flashcards

1
Q

What is Property Management?

A

A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.

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2
Q

What is a Property Manager?

A

A person who manages properties for an owner as the owner’s agent.

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3
Q

What is a Resident Manager?

A

An individual who supervises the care of an apartment complex while living in one of the units in the complex.

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4
Q

What does “Estate for Years” mean?

A

An interest in land by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.

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5
Q

What is a Tenancy at Will?

A

A property tenure that can be terminated at any time by either the tenant or the owner (landlord). It exists without a contract or lease, and is unspecific in duration or the exchange of payment.

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6
Q

What is Estate at Sufferance?

A

An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term under the conditions of the tenant’s previous holding. Also called a tenancy at sufferance.

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7
Q

What is a periodic tenancy?

A

A lease that automatically renews for successive periods unless terminated by either party; also called estate from year to year.

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8
Q

What is a lease?

A

A contract between owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright, as a method of financing right to occupy and use real property.

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9
Q

What is a Lessee

A

A person to whom property is rented under a lease.

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10
Q

What is a Lessor

A

One who rents property to another under a lease.

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11
Q

What is an Assignment?

A

A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract.

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12
Q

What is a Gross Lease?

A

A lease in which the lessor pays all costs of operating and maintaining the property and real property taxes.

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13
Q

What is a Fixed Lease?

A

A lease in which the rental amount remains the same for the entire lease term; also called flat, straight, or gross lease.

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14
Q

What is a Percentage Lease?

A

Lease on the property, the rental for which is determined by amount of business done by the lessee; usually a percentage of gross receipts from the business with provisions for a minimum rental.

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15
Q

What is a Graduated Lease?

A

Lease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term leases.

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16
Q

What is a Net Lease?

A

A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.

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17
Q 
A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties is known as…?
A. Property management
B. Leasing
C. Property marketing
D. Property investment
A

A Property Management

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18
Q 
A person who manages properties for an owner as the owner’s agent, is referred to as a…?
A. Real estate agent
B. Superintendent
C. Property manager
D. Developer
A

C. Property Manager

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19
Q 
An interest in land by virtue of a contract for the possession of them for a definite and limited period of time is known as a/an…?
A. Tenancy at will
B. Estate at sufferance
C. Estate for years
D. Periodic tenancy
A

C. Estate for Years

20
Q 
This type of leasehold estate can be terminated at any time by either the tenant or the landlord…?
A. Tenancy at will
B. Estate at sufferance
C. Estate for years
D. Periodic tenancy
A

A. Tenancy at Will

21
Q 
This type of leasehold estate arising when the tenant wrongfully holds over after the expiration of the term…?
A. Tenancy at will
B. Estate at sufferance
C. Estate for years
D. Periodic tenancy
A

B. Estate at sufferance

22
Q 
An estate from year to year is also known as a…?
A. Tenancy at will
B. Estate at sufferance
C. Estate for years
D. Periodic tenancy
A

D. Periodic Tenancy

23
Q 
Which of the following is a contract between landlord and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy…?
A. Deed
B. Sales Contract
C. Lease
D. Independent contractor agreement
A

C. Lease

24
Q 
The landlord is referred to as the…?
A. Grantee
B. Grantor
C. Lessee
D. Lessor
A

D. Lessor

25
Q 
The tenant is referred to as the…?
A. Grantee
B. Grantor
C. Lessee
D. Lessor
A

C. Lessee

26
Q 
A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a…?
A. Novation
B. Assignment
C. Rescission
D. Sublease
A

B. Assignment

27
Q

An estate from year to year automatically renews…?
A. T (True)
B. F (False)

A

A. True

28
Q 
An individual who supervises the care of an apartment complex while living in one of the units in the complex is known as a…?
A. Developer
B. Resident manager
C. Real estate agent
D. Certified property manager
A

B. Resident Manager

29
Q 
Which of the following may lead to the tenant being evicted…?
A. Tenancy at will
B. Estate at sufferance
C. Estate for years
D. Periodic tenancy
A

B. Estate at sufferance

30
Q

A lease less than one year must be in writing…?
A. T (True)
B. F (False)

A

B. False

31
Q 
A tenant’s right to occupy real estate during the term of the lease is known as a…?
A. Freehold estate
B. Leasehold estate
C. Temporary estate
D. Absolute estate
A

B. Leasehold Estate

32
Q 
A lease in which the lessor pays all costs of operating and maintaining the property and real property taxes is known as a…?
A  Gross lease
B. Net lease
C. Percentage lease
D. Ground lease
A

A. Gross Lease

33
Q 
A gross lease is also known as a…?
A. Gradual lease
B. Ground lease
C. Fixed lease
D. Percentage lease
A

C. Fixed Lease

34
Q 
What is the maximum security deposit a landlord can charge for an unfurnished apartment…?
A. 1 month rent
B. 2 months rent
C. 3 months rent
D. 6 months rent
A

B. 2 Months Rent

35
Q 
A lease on property, the rental for which is determined by the amount of business done by the lessee is known as a…?
A. Gross lease
B. Net lease
C. Percentage lease
D. Ground lease
A

C. Percentage Lease

36
Q 
A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments is known as a…?
A. Gross lease
B. Net lease
C. Percentage lease
D. Ground lease
A

B. Net Lease

37
Q 
A lease which provides for a varying rental rate, often based upon future determination, is known as a…?
A. Fixed lease
B. Gross lease
C. Straight lease
D. Graduated lease
A

D. Graduated Lease

38
Q

Rent skimming is illegal in California…?
A T (True)
B. F (False)

A

A. True

39
Q

A resident manager does not need to have a real estate license…?
A. T (True)
B. F (False)

A

A. True

40
Q 
The Certified Property Manager designation was developed by the…?
A. NCARB
B. LEAD
C. CAR
D. IREM
A

D. IREM

41
Q 
Which of the following is considered a low vacancy rate…?
A. 5 percent (%) of total units
B. 8 percent (%) of total units
C. 10 percent (%) of total units
D. 20 percent (%) of total units
A

A. 5 % of total units

42
Q

A property manager is responsible for which of the following…?
A. Collect rents
B. Market vacancies
C. Schedule and supervise maintenance and repairs
D. All of the above

A

D. All of the above

43
Q 
Which of the following skills are typically required of a property manager…?
A. Accounting
B. Sales
C. Repairs and maintenance
D. All of the above
A

D. All of the above

44
Q 
Which of the following is an example of a leasehold estate…?
A. Estate for years
B. Periodic tenancy
C. Tenancy at will
D  All of the above
A

D. All of the above

45
Q 
Which of the following is a protected class under the fair housing laws…?
A. Occupation
B. Familial status
C. Income
D. Ancestry
A

B. Familial Status

California Real Estate - Practice (15 decks)

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