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Real Estate > Chapter 15 > Flashcards

Chapter 15 Flashcards

1
Q

A real estate broker acting as an owner’s property manager:

A

Must not profit from private contracts at the expense of the owner

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2
Q

All of the following are important functions of a property manager:

A

Supervising the maintenance of the property, Protecting the physical integrity of the property, Meeting the functional requirements of the tenants

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3
Q

All of the following are important functions of a property manager EXCEPT:

A

Preparing the owner’s income tax returns

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4
Q

The property manager’s chief concern should be that:

A

The property is managed to achieve the highest rate of return possible for the owner’s investment

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5
Q

All of the following should be considerations in selecting a tenant for the property:

A

Size of the available space relative to the tenant’s requirements, Tenant’s ability to make the rental payments, Compatibility of the tenant’s business with those of other tenants

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6
Q

All of the following should be considerations in selecting a tenant for the property EXCEPT the:

A

Ethnic background of the tenant and his or her employees

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7
Q

The type of maintenance that is most often overlooked is:

A

Preventative maintenance

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8
Q

The successful property manager does all of the following:

A

Screens the tenant’s ability to pay, Studies rental rates in the area, Considers the type of business the tenant has

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9
Q

The successful property manager does all of the following EXCEPT:

A

Appeases the tenants by repairing their equipment

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10
Q

The Tidwell’s apartment lease has expired, but their landlord has indicated to them that they may remain on the premises until a sale of the building is closed. The Tidwell’s will be charged their normal monthly rental during this period. The tenancy held by the Tidwell’s is called a(n):

A

estate at will.

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11
Q

Individuals whose real estate practice is limited to leasing or renting residential property, collecting rent, negotiating leases and similar activities:

A

May obtain a leasing agent license

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12
Q

Generally, an oral lease for five years is:

A

illegal.

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13
Q

Rent would best be defined as:

A

the consideration for the use of real property.

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14
Q

If a landlord fails to provide heat to an apartment and the tenant is forced to vacate the premises, this is an example of:

A

constructive eviction.

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15
Q

Alt of the following tenancies involve a lessor-lessee relationship:

A

tenancy at will, tenancy from month to month, tenancy from year to year.

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16
Q

Alt of the following tenancies involve a lessor-lessee relationship EXCEPT:

A

tenancy in common.

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17
Q

A lease would be terminated by which of the following:

A

The death of the tenant, The expiration of the term of the lease

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18
Q

Under the provisions of a typical commercial lease, any trade fixtures that remain in the property after the lease has expired will be the property of the:

A

lessor.

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19
Q

A lease would be terminated by which of the following EXCEPT?

A

The sale of the leased premises, The abandonment of the leased premises by the tenant

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20
Q

For a lease to be valid, it must contain all of the following:

A

the signatures of both the lessor and the lessee, a statement of the specific length of time, a description of the premises.

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21
Q

For a lease to be valid, it must contain all of the following except:

A

a statement of the retention of the reversionary interest by the lessor.

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22
Q

The authority to carry out the eviction of a delinquent tenant from rented property is held by the:

A

court.

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23
Q

A tenant’s lease has expired, but the tenant has not vacated the premises or negotiated a renewal lease. The landlord has told the tenant to leave, but the tenant refuses to go. This type of occupancy is referred to as an estate:

A

at sufferance.

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24
Q

When a tenant sublets all or any part of the premises rented under a written lease:

A

The original tenant remains responsible for rent being paid by the sub lessee, even though the sub lessee may be paying the landlord directly

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25
Q

All of the following would acquire title to real property EXCEPT a:

A

lessee.

26
Q

All of the following would acquire title to real property:

A

grantee, devisee, vendee.

27
Q

The principal difference between an estate for years and an estate from year to year is that an estate:

A

from year to year has no expiration date.

28
Q

A lessee who pays some or all of the lessor’s property expenses has a:

A

net lease.

29
Q

The owner of real estate who leases it to another is called the:

A

lessor.

30
Q

A tenant has an estate for years. According to the written one-year lease, the tenancy will expire on May 1. For the landlord to obtain possession as of that date, he must give the tenant:

A

no notice.

31
Q

A lease that will terminate within one year of its inception:

A

can be verbal.

32
Q

In the event that it is necessary for a landlord to remove a tenant from the premises, he or she does it by:

A

filing a forcible and detainer action.

32
Q

Which of the following is the best definition of actual eviction?

The right of a landlord to use the rental premises

The enforcement of a court order to remove a lessor

The landlord’s reversionary right in the rental premises

The enforcement of a court order to remove a lessee

A

The enforcement of a court order to remove a lessee

33
Q

If a leased building collapsed and the tenant was forced to move out, this could be called:

A

constructive eviction.

34
Q

A tenant’s lease does not terminate for five more years. The premises, however, have become too small to accommodate the tenant’s growing business. Another business owner is interested in leasing the premises from the tenant for 3 years. Which of the following would the parties use for the tenant to lease the space to the business owner?

A

sublease

34
Q

Under a percentage lease, the lessee may be requested to pay:

A

a percent of gross receipts.

35
Q

A young couple with a toddler and an infant want to lease an apartment in a complex that is occupied primarily by adults. The rental agent only shows the couple apartments only on the first floor, facing the complex’s garbage dumpsters. Which of the following is TRUE?

The rental agent is protecting the other adults from the disruption of the children.

The rental agent should charge a higher security deposit for this family.

The rental agent should have suggested that the couple look elsewhere.

The rental agent should have inquired about the couple’s preference.

A

The rental agent should have inquired about the couple’s preference.

36
Q

A tenant is leasing a house until he has saved enough money for the down payment to perform on the sales contract. What type of an arrangement is this?

A

Lease with an option

36
Q

The landlord’s lease prohibits tenants from altering the property. If a person who uses a wheelchair cannot maneuver in the unit’s kitchen:

A

the tenant is entitled to make the necessary alterations.

36
Q

A lease agreement is signed by a lessee who is 17. Which of the following is true?

A 17-year-old cannot sign a lease.

The lease agreement is voidable.

The lease agreement is valid provided the security deposit is increased.

The lease agreement is void.

A

The lease agreement is void.

37
Q

An individual rents an apartment for one year. The landlord sells the building during, the one year lease term. What effect does the sale have on the lease?

A

The sale does not affect the lease.

38
Q

The purpose of a security deposit is to:

A

repair damage to the property caused by the tenant.

39
Q

The lessor and lessee have agreed to a lease term of five years. How could the lessor ensure that the rental income during the term is reflective of the market conditions?

A

Negotiate an index lease

40
Q

A couple leased a banquet hall for their wedding reception. The lease began at 12:01 a.m. on June 23 and ended at 11:59 p.m. on June 24. This lease is BEST described as a/an:

A

tenancy for years.

40
Q

In which of the following leases would you MOST LIKELY find an escalator clause?

ground lease

lease option

index lease

percentage lease

A

index lease

41
Q

In Illinois, how much notice is required for the termination of a month-to-month tenancy?

A

30 days

42
Q

In Illinois, landlords are required by law to pay interest on tenants’ security deposits if they hold deposits for more than six months, and receive deposits on residential leases in properties of:

A

25 or more units.

43
Q

If an Illinois landlord wants to evict a tenant, he or she may do all of the following:

A

sue for possession after a 10-day notice period, file a suit for forcible entry and detainer, deliver a court order to the sheriff, who may forcibly evict the tenant.

44
Q

If an Illinois landlord wants to evict a tenant, he or she may do all of the following, EXCEPT:

A

forcibly remove the tenant under the doctrine of self-help.

45
Q

A management agreement is to a property manager like a:

A

listing agreement is to a broker.

46
Q

A high vacancy rate may be caused by any of the following:

A

inept management, poor location, excessive rent.

47
Q

A high vacancy rate may be caused by any of the following EXCEPT:

A

strong amenities.

48
Q

In determining rental amounts, a property manager considers the economic principle of:

A

supply and demand.

49
Q

A property management firm can receive its income as any of the following EXCEPT:

A

a percentage of purchases made from suppliers.

50
Q

A property management firm can receive its income as any of the following:

A

a fixed fee, a percentage of the net rentals collected, a fixed fee with a percentage on new rentals.

51
Q

The duties of a property manager generally include all of the following:

A

renting space to tenants, preparing a budget, developing a management plan.

52
Q

The duties of a property manager generally include all of the following EXCEPT:

A

repairing a tenant’s fixture.

53
Q

A property manager’s primary obligation is to:

A

the owner.

54
Q

The manager of a commercial building has many responsibilities in connection with the operation and maintenance of the structure. The manager would normally be considered the agent of the:

A

lessor of the building.

55
Q

Because of the complexity of the laws that affect today’s properties, a property manager should be familiar with all of the following:

A

environmental hazards, accessible construction, nondiscriminatory practices.

56
Q

Because of the complexity of the laws that affect today’s properties, a property manager should be familiar with all of the following EXCEPT:

A

investment securities laws.

Real Estate (22 decks)

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