chapter 10 quiz Flashcards
an assignment of a lease is:
a transfer of the entire remaining leasehold
Bouton owns an apartment building free of an encumbrance. Bouton has leased an apartment to Frazier who, in turn, sublets to Gresham. What is the probable outcome?
Bouton’s agreement with Frazier is not affected by the sublease in terms of Frazier’s liability
when a tenant is in possession of property and the tenancy may be terminated by notice from either party, there exists:
a periodic estate
*it’s not a set date, therefore you have 30 day notice for the landlord; or 60 by landlord**
all of the following describe a percentage lease EXCEPT one based upon a:
certain percentage of the property’s value.
- Percentage of net income
- Percentage of gross income
- Minimum rental plus a percentage of the gross income in excess of stated minimum
under a lease, the leasehold estate is a right belonging to the:
tenant
tenant Kelly read her lease very carefully and could find no restrictive covenant regarding the use of the property. Since zoning permitted, Kelly changed her business from a shoe store to a fish market. landlord Hines objected. what is the probable outcome?
Kelly may operate her fish market for the duration of the lease
Angela has allowed her nephew, josh, to occupy a house she owns while it is on the market. he pays no rent but is required to pay the utility bills and keep the house and yard in “showing” condition. when a buyer is found and an offer accepted, she expects Josh to move out immediately. under Georgia law, which is true?
Josh is entitled to 60 days notice.
when real estate under a lease is sold, the lease:
binds the new owner.
the new owner must honor all of the covenants in the existing lease
a lease is what?
a contract to pay RENT
not an option
its a conveyance
contract and agreement
Able leased certain property to Baker for 3 years. with Able’s consent, baker subsequently leased the property to Clemmons. if Baker dies, which of the following is true?
Clemmons’ leasehold is still valid and enforceable
a valid written lease does not require:
the signature of both parties
after expiration of a lease, any remaining trade fixtures:
become property of the landlord
a Landlord and tenant’s mutual agreement to cancel a lease is best described as:
surrender and acceptance.
in the absence of an agreement to the contrary, a tenant may:
change the use of the property
mortgage the leasehold estate.
lease the property to a third party.
Roberts signs an agreement with Green for the possession and use of Green’s land until October 1st. their agreement creates:
an estate for years for Roberts
a revisionary estate for Green.
what are less than freehold estates:
LEASHOLD ESTATES
estate at sufferance
estate at will
periodic estate
a tenant who continues in possession of the premises after rightful possession has ended is called
tenant at sufferance
a lease in which the tenant pays rent at a fixed rate during the lease term with the landlord Paying expenses associated with ownership is called a:
straight lease
when a landlord leases property, the landlord retains a:
leased fee estate
the type of maintenance which reduces down time by conducting regular inspections to identify needed repairs is known as:
preventative.
the landlord has the right to enter the leased premises:
only with the tenant’s permission, unless the lease provides otherwise.
Georgia Law requires that the notice to terminate an estate at will is:
60 days from the landlord, 30 days from the tenant.
Jennifer runs a property management company specializing in apartment houses. Her expirience in tenant selection has generally taught her that:
fewer vacancies occur if the premises are well maintained.
a flower shop owner has been occupying a small commercial building for 7 years and still has 3 years to go on his lease. The owner of the commercial building can sell it, what is the new owner NOT allowed to do while the flower shop owner is completing his lease? Which of the following is true?
when the building is sold, the new owner is not free to raise the rent or give notice to vacate.
a lease provision which allows the landlord to subsequently secure a first mortgage on the leased property is called:
a subordination clause.
