Chapter 7: Real Estate Leases Flashcards
A lease contract is best described as
A conveyance of a possessory interest
When a tenant acquires a leasehold estate through a lease, what does the property owner acquire?
A leased fee estate
When an owner leases her property, she temporarily relinquishes is the right to
Occupy the property
Which of the following happens when a leased property sold?
The buyer acquires title subject to the lease
A landlord and tenant complete a one-year lease. The following week, the landlord dies. Which of the following is true?
The tenant must continue to abide by all lease terms
If a lease does not state a specific ending date, when does it terminate?
When either party gives proper notice
In accordance with the Statute of Frauds,
A five year lease must be in writing to be enforceable
What is one important difference between a sublease in a lease assignment?
In a sublease, the original tenant retains primary responsibility for the performance of the original lease contract
Which of the following lease types conveys rights other than the rights to exclusive use and occupancy of the entire property?
A rights lease
An owner leasees a property to a business in exchange for rent. The tenant is required to pay all operating expenses as well. This is an example of a
Net lease
The percentage lease is most often used by
Retail landlords
Which of the following summarizes the general terms of a ground lease?
The tenant lease is the ground from the landlord and owns the improvements
Among the usual remedies available to the injured party if a tenant or landlord defaults on the terms of the lease is the right to
Sue to compel performance of a contract
Elise automatically terminates under which of the following circumstances?
The leased property is foreclosed
One of the aims of the Uniform Residential Landlord and Tenant Act is to?
Discourage the use of unfair and overly complex leases
