Chapter 10

Question 1

In Writing As Required By Law

Answer 1

In most states the Statute of Frauds requires there any lease for a term of more than one year must be in writing to be enforceable. The oral lease for one year or less is valid and is enforceable in court.

Question 2

Assignment

Answer 2

An assignment is a complete transfer by the tenant, the assignor, of all remaining leasehold rights and interest to another person, the assignee.

Question 3

Option to Buy

Answer 3

And option to buy gives the tenant possession of the property and also the right to buy at a set price within a designated period time. The owner agrees to keep this offer open during the time period named. However, if the tenant has a change of heart about buying, there is no obligation to exercise the option.

Question 4

Constructive eviction

Answer 4

A tenant can sue for damages if the landlord defaults on their lease agreement. If the landlords actions or omissions allow the leased premises to become uninhabitable, the landlord has violated the warranty of habitability or the implied covenant of quiet enjoyment. Then there can be a constructive eviction that allows the tenant to abandon the property and stop paying rent.

Question 5

Termination of Leases

Answer 5

Expiration 
Notice
Mutual Agreement (Surrender and Acceptance)
Merger
Condemnation
Eviction
Destruction of the Premises 
Death

Question 6

All Functions of the Property Manager

Answer 6

Developing a Plan
Marketing (Renting the Space)
Collecting Rents
 Keeping Tenants 
Property Maintenance 
Accounting and Reporting 
Sale of the Property

Question 7

The GA Property Owners Association Act (POA) of 1994

Answer 7

Automatic statutory liens against a delinquent homeowner. Liens need not be recorded in the County Courthouse for unpaid charges. The fact that the community is a POA notifies those searching title that they must contact the association for a statement of any charges owed.

Buyers and sellers are jointly and severally liable. Any liens not paid will be assessed against the new owner.

Tenants must comply with associations rules and regulations.

POA may access fines, suspend use of common areas, and charge late fees.

Question 8

Community Association Licensing (CAM License)

Answer 8

Changes in the Georgia real estate license law passed in 1997, require that any person engaged in community association management must hold of real estate license. At the same time a new category of license, the Community Association Management or CAM license was added. Unlike the sales person‘s license, the CAM license holder is not authorized to list or sell property but only to work in community association management. The CAM license is acquired by completing 25 hours of approved study and passing an examination.