Estates/Leasehold/Freehold/Environmental Flashcards
(34 cards)
Demise is aka a ?
Lease
What must a property manager deliver to the tenant when renting a residential property that was constructed prior to 1978?
a. lead paint addendum
b. copy of the federal Fair Housing Law
c. an environmental site assessment
d. List of the last three tenants
A. lead paint addendum
Which of the following is commonly found in minute airborne particles when it becomes friable? (key word friable)
a. Radon
b. Asbestos
c. Carbon monoxide
d. Urea-Formaldehyde
B. Asbestos
Mold can be associated with:
a. airtight windows
b. insulation
c. inferior grade building materials
d. low moisture conditions
A. airtight windows
A property is designated as being within a Superfund site, but the property receives water from wells that are NOT contaminated. The broker must:
a. not disclose that it is within a Superfund site
b. make the disclosure but can provide info about the water
c. not make the disclosure because the broker represents the seller
d. refer the buyer to the EPA
B. make the disclosure but can provide info
Under the CERCLA with regards to the cleanup of toxic waste spills, the current and previous owners have what type of responsibility?
a. single liability
b. several liability
c. strict liability
d. fractional liability
C. Strict Liab…
A method used to treat asbestos is called:
a ventilation
b encapsulation
c capping
d evaporation
B. Encapsulation
FREEHOLD vs. LEASEHOLD
FREEHOLD Estates
- Lasts for an indeterminable length of time
- May be passed on to the owner’s heirs
- Seller/Giver of Interest: Grantor
- Buyer/Receiver of Interest: Grantee
LEASEHOLD Estates
- Lasts for a determinable length of time
- Gives tenant only the right of possession
-
Owner/Landlord: Lessor
- Tenant: Lessee
J conveys a life estate to his disabled brother, R, for R’s lifetime. When the life estate terminates, the ownership goes to J’s adult daughter, A.
- This a life estate with a remainder or a reversionary interest?
- When does the life estate terminate?
- The life tenant is?
- The person w/ the remainder interest is?
- remainder interest
- when R dies
- R is the life tenant
- A has remainder interest
A man willed his residence to his widow. Upon her death, it was to go to two of his three sons. The widow rec’d
a. life estate
b. partial estate
c. remainder estate
d. leasehold
A.
Which element is not a characteristic of fee simple absolute ownership?
a. reversion to the grantor
b. ability to will
c. indefinite duration
d. ability to transfer
A.
The interest of a grantor who gives an interest w/ the expectation of getting it back is a
a. remainder estate
b. life estate
c. reversionary estate
d. defeasible estate
C.
The greatest ownership right an individual can have is called
a. leasehold
b. life estate
c. fee simple conditional
d. fee simple absolute
D.
After a lease expires, the tenants are living on the premises w/o the landlord’s consent. The tenants are
a. tenants at will
b. tenants in common
c. tenants at sufferance
d. periodic tenants
C.
An estate at will
a. must be in writing
b. can be cancelled by the lessee or lessor at any time
c. is for a specific pd of time
d. must have rent being paid
B
B sold a property to Y and reserved a life estate for B. Y recorded the deed. B sold his life estate to D, who recorded the deed. Y demanded that the property pass to her in fee simple title immediately. In this case
a. Y’s claim is invalid because B controls his interest while alive
b. Y’s claim is valid
c. Neither Y or B have a claim to this property
d. B needed to obtain Y’s permission to make the transfer
A.
When a tenant transfers the entire leasehold to a third party, its a
a. sublease
b. assumption
c. estoppel
d. assignment
D.
In a positive leasehold, the
a. contract rent is higher than the economic rent
b. contract rent is higher that the market rent
c. economic rent is higher than the contract rent
d. “” is lower than the contract rent
C.
In a sublease with a positive leasehold, who normally benefits from the excess rent
a. sublessee
b. sublessor
c. lessor
d. broker
B.
Which is true
a. subleasing or assigning a lease always requires the lessor’s permission
b. when a tenant’s interest in a lease is assigned, both the assignor and assignee have liability to the landlor
c. in a positive leasehold, there is no excess rent
d. economic rent may never be higher than contract rent
B.
When a property is rented for only one month, this is called what kind of tenancy?
a. period to period
b. at will
c. estate for years
d. month to month
C.
remember
This question said one month. So there is an end date! This is not an estate at will
Estate/Tenancy for Years …the rent is paid for a specified and definite period of time
When a lease is for an indefinite period, this is called
a. freehold estate
b. estate for years
c. estate at will
d. estate at sufferance
C.
A grantor conveyed a life estate to a party and also retained a future interest in the property when the life tenant dies. The future interest is called
a. remainder
b. reversion
c. pur autre vie
d. fee tail
B. reversion
What is the difference between fee simple and non-freehold
a. fee simple is freely inheritable, whole no freehold estate is a lease
b. fee simple is for a person’s life, while non freehold is freely inheritable
c. non freehold has no time limit, while fee simple has a definite time
d. non freehold is for a persons life while fee simple is a lease
A.
