Contracts & Contract Preparation & Leases Flashcards
What is the age of majority in NYS, in other words, the minimum age to enter into a contract?
18
If you were to sell your house to someone under the age of 18, how would you characterize the contract of sale?
Voidable by the Minor
What is the name of the ‘regulation’ that requires the lead paint disclosure?
Regulation X
I have to give the “protect your family from lead paint in your home” and the lead paint disclosure form to prospective tenants and buyers if the building was constructed prior to what year?
1978
A ____________ buyer gets a deed. A ____________ buyer gets a stock certificate and proprietary lease.
Condo, Co-op
A condo is _____________, and a co-op is ____________ (stock).
real property, personal property
Sometimes a condo association will reserve the right to be the first buyer if you decide to sell. You would call this a ____________.
Right of First Refusal
I’m going to rent an apartment from you for one week – what type of leasehold estate is this?
An Estate for Years
Coop ownership is what type of an estate?
Leasehold
How would you best describes ones interest in a co-op unit?
Leasehold
What is an assignment?
When a tenant has to break a lease and a new tenant is assigned the same lease terms ($, rent, time, etc.) leaving them responsible for the lease
What is a sublease? Who is responsible to the landlord (lessor) for the rent?
When a tenant (lessee) rents their apartment to a subtenant (sublessee) for a specified period of time. The lessee
What is a Graduated lease?
Lease with periodic payment increases (e.g. 1yr $5000, 2yr $5500, and so on). Common in commercial real estate
A ____________, also called a land lease, is when land is rented. If there are buildings on the land, the owner of the building pays rent to the owner of the land.
Ground lease
How long are ground leases usually?
50-100 years
