Class 15

Question 1

Something found in a percentage lease

Answer 1

Base rent

Question 2

A word related to illegal possession of property

Answer 2

suffrance

Question 3

The legal process to remove a tenant

Answer 3

eviction

Question 4

Another name for a tenant

Answer 4

leasee

Question 5

A leasehold with a definite termination date

Answer 5

estate for years

Question 6

An estate for an uncertain duration

Answer 6

estate at will

Question 7

consideration in a lease

Answer 7

rent

Question 8

A lease that requires tenants to pay taxes

Answer 8

Net

Question 9

Money given to cover damages

Answer 9

Security deposit

Question 10

Can a landlord sue a tenant who breaches an oral lease

Answer 10

Yes

Question 11

A lease whereby a tenant’s rent is based on a portion of the income the tenant produces is most likely a…

Answer 11

percentage lease

Question 12

When a tenant assigns his leasehold tenant to another, the assignee and the lessor…

Answer 12

have a landlord/tenant relationship

Question 13

A tenant whose lease has expired has asked the landlord if he can remain in the property until his new home is ready to close. If the landlord agrees to this arrangement, the tenant will remain in the property as a:

Answer 13

tenant at will

Question 14

The assignment of a leasehold estate would be given to a party who is going to have the same rights as the:

Answer 14

tenant

Question 15

A landlord’s interest in a lease can be best described as a…

Answer 15

reversionary

Question 16

What circumstance would death terminate a lease

Answer 16

If the tenant was occupying the property as a tenant at will

Question 17

A tenant in a residential apartment complex who was planning on moving has been told by his landlord that his lease has been automatically renewed for another six months. Base on this informatino, it would appear that….

Answer 17

the original lease agreement was a periodic tenancy

Question 18

A landlord and tenant have entered into a lease which contains the following clause: “Tenant to pay $800 per month rent plus the annual real estate taxes.” What type of lease have the parties entered into?

Answer 18

Net lease

Question 19

The purchaser of a leased porpoerty may take physical possession of the property when?

Answer 19

when the tenant’s lease expires

Question 20

A lease is a contract that….

Answer 20

transfers a property interest from a lessor to a lessee.

Question 21

The landlord is the _________; the tenant is the _________

Answer 21

lessor

lessee

Question 22

The word demise means to

Answer 22

transfer a property interest through a lease

Question 23

A lease conveys a personal property interest to the _____

Answer 23

lessee

Question 24

The lessee’s interest in the property is what type

Answer 24

possessory
non-freehold
leasehold interest

Question 25

A lessor's/owner's interest in the property is a

Answer 25

leased fee | reversionary interest

Question 26

What is a non-freehold interest?

Answer 26

an interest with a stipulated time period

Question 27

A lease may be oral or it may be in writing. Any lease that exceeds ____ months must be in writing. While leases under 12 months can be either oral or written

Answer 27

12 months

Question 28

There are four types of leasehold estates recognized by law. What are they?

Answer 28

Estate for Years Estate from year to Year Estate at Will Estate at Sufrance

Question 29

what is estate for years

Answer 29

Definite beginning and ending No notice required to terminate Death of landlord does not terminate the lease

Question 30

A tenant who remains in possession after the termination of an estate for years is called a ________. This type of tenant may be treated as a ______ tenant, or a tenant at __________.

Answer 30

holdover periodic tenant or tenant at suffrance

Question 31

Estate from year to year

Answer 31

Period to period (month to month, year to year) Automatically renews unless notice is given Death does not terminate a periodic tenancy

Question 32

Estate at will

Answer 32

Tenant is at the will of the landlord interest is for an uncertain duration Under common law, no notice is needed to terminate this leasehold. Death does not terminate an estate at will

Question 33

Estate at suffrance

Answer 33

unlawful possession of property | eviction tenants

Question 34

Requirements for a valid lease

Answer 34

``` offer and acceptance consideration names of the parties property description legal objectives ```

Question 35

An owner of property generally has the right to quiet enjoyment which means....

Answer 35

the owner has the right to possess property without the fear of another claiming to be the owner. In addition, a landlord promises that he will not interfere with a tenant's possession of property

Question 36

Security deposits are collected to cover damage by a tenant. Where must they be held and what do you ahve to provide to the tenant?

Answer 36

held in an escrow account | provide the tenant with the name of the bank, address of the bank, and the account number where the funds are being held

Question 37

A _________ is an item of personal property used by a tenant to conduct a business. This item is considered to be the personal property of the tenant. Under common law, improvements constructed on the LAND by the leasee belong to the property owner.

Answer 37

Trade fixture

Question 38

A ______ is the transfer of contractual rights. Unless the lease states otherwise, a lease may be ________. Does this type of transfer relieve the first party from liability

Answer 38

Assignment assigned. No - a tenant who assigns his lease still has liability but no longer has legal rights to the property

Question 39

Subletting: The lease agreement between the sublessor and his tenant, the sublessee, is called a _____ lease. How does payment work

Answer 39

sandwich The sublessee pays rent to his landlord the sublessor who in turn pays rent to this landlord the lessor.

Question 40

As a general rule, what types of leases are recorded?

Answer 40

only long-term leases are recorded

Question 41

Possession of leased property gives ________ to the world of a tenant's interest in a property

Answer 41

constructive notice

Question 42

A lease purchase obligates both parties while a lease option obligates only the ________

Answer 42

seller

Question 43

under a ______ lease, a tenant pays only rent to the landlord (no taxes or other items)

Answer 43

gross

Question 44

Under a _______ lease, a tenant pays some or all of the expenses of ownership in addition to the rent.

Answer 44

Net

Question 45

in cases where the tenant pays all the expenses of ownership, the lease may be called a _________

Answer 45

triple net lease NNN

Question 46

Under a __________ lease, the tenant's rent is based on the gross income the tenant earns. Some of these types of leases may contain a fixed minimum rent called the ______ rent.

Answer 46

percentage lease base rent *Fayette Mall

Question 47

Under a ________ lease, the rent payments start out low and step up over the term of the lease. This is a good lease to use to attract tenants in a tough market or for properties that may be difficult to lease

Answer 47

graduated

Question 48

A _____ lease is a lease that is tied to a money market index, such as the consumer price index. As the index changes, so does the rent.

Answer 48

index

Question 49

Index leases are also called ______ leases

Answer 49

escalation

Question 50

A _________ lease is simply a lease of land. Most leases like this are net leases with long term contract.

Answer 50

ground

Question 51

Under a _______ lease, a tenant's rent is based on a percentage of the appraised value of the property. The property will be re-appraised at certain intervals.

Answer 51

appraisal lease

Question 52

NOTE: Foreclosure of Mortgage: A lease will terminate if the property is foreclosed and the lease was created after the mortgage. if a lease is created before the mortgage, the buyer at the foreclosure would take the property "subject to the lease"

Question 53

If a tenant breaches a lease agreement, the landlord may...

Answer 53

sue for possession

Question 54

In cases where a landlord breaches the lease agreement, the tenant may sue for damages or claim constructive eviction and abandon the property.

Question 55

_______ is any action by a landlord or third party that interferes with a tenant's use and possession of the leased property.

Answer 55

eviction

Question 56

dedeedeeddd

Question 57

A lien is not an ownership interest in real estate; it is an __________ that transfers with the land and lessens its value or impairs its use because it binds all successive owners until paid and cleared.

Answer 57

encumbrance

Question 58

If a debtor defaults in payment of a debt secured by property, the lienholder can....

Answer 58

force the sale of the property

Question 59

A general lien affects all of a debtor's property, both ________ and _______. A specific lien affects only ____________.

Answer 59

real and personal | identified property

Question 60

Priority of liens is determined by the order in which the claims will be satisfied/paid off. Generally, the first lien to be recorded will take priority, but _______ and _______ usually take priority over all other liens. A _____________ between lienholders can be used to change the order of priority

Answer 60

real estate taxes special assessments Subordination agreement

Question 61

Real estate taxes are _______ taxes based on the value of the property

Answer 61

Ad valorem

Question 62

The special assessment lien (for a mortgage) takes effect when the lender _________ the documents in the county where the property is located.

Answer 62

records

Question 63

A judgment is a decree issued by a court and is a general, involuntary and equitable lien on both ________ and ________ property owned by a debtor. A judgment lien must be filed in every county in which the judgement debtor owns property

Answer 63

real and personal