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Real Estate Exam > Class 15 > Flashcards

Class 15 Flashcards

1
Q

Something found in a percentage lease

A

Base rent

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2
Q

A word related to illegal possession of property

A

suffrance

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3
Q

The legal process to remove a tenant

A

eviction

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4
Q

Another name for a tenant

A

leasee

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5
Q

A leasehold with a definite termination date

A

estate for years

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6
Q

An estate for an uncertain duration

A

estate at will

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7
Q

consideration in a lease

A

rent

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8
Q

A lease that requires tenants to pay taxes

A

Net

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9
Q

Money given to cover damages

A

Security deposit

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10
Q

Can a landlord sue a tenant who breaches an oral lease

A

Yes

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11
Q

A lease whereby a tenant’s rent is based on a portion of the income the tenant produces is most likely a…

A

percentage lease

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12
Q

When a tenant assigns his leasehold tenant to another, the assignee and the lessor…

A

have a landlord/tenant relationship

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13
Q

A tenant whose lease has expired has asked the landlord if he can remain in the property until his new home is ready to close. If the landlord agrees to this arrangement, the tenant will remain in the property as a:

A

tenant at will

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14
Q

The assignment of a leasehold estate would be given to a party who is going to have the same rights as the:

A

tenant

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15
Q

A landlord’s interest in a lease can be best described as a…

A

reversionary

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16
Q

What circumstance would death terminate a lease

A

If the tenant was occupying the property as a tenant at will

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17
Q

A tenant in a residential apartment complex who was planning on moving has been told by his landlord that his lease has been automatically renewed for another six months. Base on this informatino, it would appear that….

A

the original lease agreement was a periodic tenancy

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18
Q

A landlord and tenant have entered into a lease which contains the following clause: “Tenant to pay $800 per month rent plus the annual real estate taxes.” What type of lease have the parties entered into?

A

Net lease

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19
Q

The purchaser of a leased porpoerty may take physical possession of the property when?

A

when the tenant’s lease expires

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20
Q

A lease is a contract that….

A

transfers a property interest from a lessor to a lessee.

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21
Q

The landlord is the _________; the tenant is the _________

A

lessor

lessee

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22
Q

The word demise means to

A

transfer a property interest through a lease

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23
Q

A lease conveys a personal property interest to the _____

A

lessee

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24
Q

The lessee’s interest in the property is what type

A

possessory
non-freehold
leasehold interest

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25
Q

A lessor’s/owner’s interest in the property is a

A

leased fee

reversionary interest

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26
Q

What is a non-freehold interest?

A

an interest with a stipulated time period

27
Q

A lease may be oral or it may be in writing. Any lease that exceeds ____ months must be in writing. While leases under 12 months can be either oral or written

A

12 months

28
Q

There are four types of leasehold estates recognized by law. What are they?

A

Estate for Years
Estate from year to Year
Estate at Will
Estate at Sufrance

29
Q

what is estate for years

A

Definite beginning and ending
No notice required to terminate
Death of landlord does not terminate the lease

30
Q

A tenant who remains in possession after the termination of an estate for years is called a ________. This type of tenant may be treated as a ______ tenant, or a tenant at __________.

A

holdover

periodic tenant or tenant at suffrance

31
Q

Estate from year to year

A

Period to period (month to month, year to year)
Automatically renews unless notice is given
Death does not terminate a periodic tenancy

32
Q

Estate at will

A

Tenant is at the will of the landlord
interest is for an uncertain duration
Under common law, no notice is needed to terminate this leasehold. Death does not terminate an estate at will

33
Q

Estate at suffrance

A

unlawful possession of property

eviction tenants

34
Q

Requirements for a valid lease

A 
offer and acceptance
consideration
names of the parties
property description
legal objectives
35
Q

An owner of property generally has the right to quiet enjoyment which means….

A

the owner has the right to possess property without the fear of another claiming to be the owner. In addition, a landlord promises that he will not interfere with a tenant’s possession of property

36
Q

Security deposits are collected to cover damage by a tenant. Where must they be held and what do you ahve to provide to the tenant?

A

held in an escrow account

provide the tenant with the name of the bank, address of the bank, and the account number where the funds are being held

37
Q

A _________ is an item of personal property used by a tenant to conduct a business. This item is considered to be the personal property of the tenant. Under common law, improvements constructed on the LAND by the leasee belong to the property owner.

A

Trade fixture

38
Q

A ______ is the transfer of contractual rights. Unless the lease states otherwise, a lease may be ________.
Does this type of transfer relieve the first party from liability

A

Assignment
assigned.

No - a tenant who assigns his lease still has liability but no longer has legal rights to the property

39
Q

Subletting: The lease agreement between the sublessor and his tenant, the sublessee, is called a _____ lease.
How does payment work

A

sandwich

The sublessee pays rent to his landlord the sublessor who in turn pays rent to this landlord the lessor.

40
Q

As a general rule, what types of leases are recorded?

A

only long-term leases are recorded

41
Q

Possession of leased property gives ________ to the world of a tenant’s interest in a property

A

constructive notice

42
Q

A lease purchase obligates both parties while a lease option obligates only the ________

A

seller

43
Q

under a ______ lease, a tenant pays only rent to the landlord (no taxes or other items)

A

gross

44
Q

Under a _______ lease, a tenant pays some or all of the expenses of ownership in addition to the rent.

A

Net

45
Q

in cases where the tenant pays all the expenses of ownership, the lease may be called a _________

A

triple net lease NNN

46
Q

Under a __________ lease, the tenant’s rent is based on the gross income the tenant earns. Some of these types of leases may contain a fixed minimum rent called the ______ rent.

A

percentage lease
base rent

*Fayette Mall

47
Q

Under a ________ lease, the rent payments start out low and step up over the term of the lease. This is a good lease to use to attract tenants in a tough market or for properties that may be difficult to lease

A

graduated

48
Q

A _____ lease is a lease that is tied to a money market index, such as the consumer price index. As the index changes, so does the rent.

A

index

49
Q

Index leases are also called ______ leases

A

escalation

50
Q

A _________ lease is simply a lease of land. Most leases like this are net leases with long term contract.

A

ground

51
Q

Under a _______ lease, a tenant’s rent is based on a percentage of the appraised value of the property. The property will be re-appraised at certain intervals.

A

appraisal lease

52
Q

NOTE: Foreclosure of Mortgage:
A lease will terminate if the property is foreclosed and the lease was created after the mortgage. if a lease is created before the mortgage, the buyer at the foreclosure would take the property “subject to the lease”

A
53
Q

If a tenant breaches a lease agreement, the landlord may…

A

sue for possession

54
Q

In cases where a landlord breaches the lease agreement, the tenant may sue for damages or claim constructive eviction and abandon the property.

A
55
Q

_______ is any action by a landlord or third party that interferes with a tenant’s use and possession of the leased property.

A

eviction

56
Q

dedeedeeddd

A
57
Q

A lien is not an ownership interest in real estate; it is an __________ that transfers with the land and lessens its value or impairs its use because it binds all successive owners until paid and cleared.

A

encumbrance

58
Q

If a debtor defaults in payment of a debt secured by property, the lienholder can….

A

force the sale of the property

59
Q

A general lien affects all of a debtor’s property, both ________ and _______.
A specific lien affects only ____________.

A

real and personal

identified property

60
Q

Priority of liens is determined by the order in which the claims will be satisfied/paid off. Generally, the first lien to be recorded will take priority, but _______ and _______ usually take priority over all other liens.

A _____________ between lienholders can be used to change the order of priority

A

real estate taxes
special assessments

Subordination agreement

61
Q

Real estate taxes are _______ taxes based on the value of the property

A

Ad valorem

62
Q

The special assessment lien (for a mortgage) takes effect when the lender _________ the documents in the county where the property is located.

A

records

63
Q

A judgment is a decree issued by a court and is a general, involuntary and equitable lien on both ________ and ________ property owned by a debtor. A judgment lien must be filed in every county in which the judgement debtor owns property

A

real and personal

Real Estate Exam (19 decks)

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