exam prep 4-property leasing

Question 1

Includes hotels, motels, golf courses, resorts, sporting arenas, movie theaters and restaurants (requires hands-on management)

Answer 1

leisure property

Question 2

Includes heavy or light manufacturing, warehouse and distribution centers (clear height is a key consideration)

Answer 2

industrial property

Question 3

Includes doctor’s offices, urgent care clinics, hospitals (requires specialized outfitting)

Answer 3

healthcare property

Question 4

Includes Class A, B or C; may be high rise or low rise

Answer 4

office buildings

Question 5

Includes storefronts, shopping centers, malls

Answer 5

retail property

Question 6

Property designed for dwelling

Answer 6

residential property

Question 7

Property designed for commerce and profit

Answer 7

commercial property

Question 8

Includes mixed-use, planned-unit development and transit-oriented development

Answer 8

specialty property

Question 9

A property that combines retail/residential in a single building

Answer 9

mixed-use property

Question 10

A high density project with mixed zoning (e.g., retail and residential, healthcare, etc.)

Answer 10

planned unit development (PUD)

Question 11

A development centered around a transportation hub

Answer 11

transit-oriented development

Question 12

An onsite measurement of boundaries, encroachments and position of improvements on a property that determines land areas

Answer 12

Survey

Question 13

A method of describing a piece of land that starts at a point of beginning, and follows the boundaries using directions and distance and returns to the point of beginning

Answer 13

metes and bounds

Question 14

A legal description that is also called a plat description

Answer 14

lot and block

Question 15

A horizontal reference point from which heights and depths are measured

Answer 15

datum

Question 16

A division of open space above a property

Answer 16

air lot

Question 17

A permanent natural or man-made landmark used as a point of reference in measuring property boundaries

Answer 17

monument

Question 18

A numbered, embossed brass marker used to establish a reference point for surveyors when measuring elevations

Answer 18

benchmark

Question 19

A governmental method of surveying and describing land that uses principal meridians

Answer 19

rectangular survey system

Question 20

Legal relationship between parties who sign a lease (grants possession, but not title, to the tenant, and is for a limited period of time)

Answer 20

Leasehold estate

Question 21

A fixed termination type of lease that may be for a day, week, month, year, several years, or any definite period of time

Answer 21

estate for years

Question 22

This involves possessory interest that is automatically renewed at the end of each period specified in the lease

Answer 22

periodic estate

Question 23

In this type of leasehold, the duration of the lease is unknown at the time it is created (e.g., a month-to-month lease)

Answer 23

estate at will

Question 24

A type of possession in which a tenant stays after the right to possess has terminated

Answer 24

estate at sufferance

Question 25

The right of a tenant to enjoy the property without being dispossessed or trespassed upon, even by the landlord

Answer 25

quiet enjoyment

Question 26

An agreement or promise made between the parties

Answer 26

covenant

Question 27

The substitution of tenants, putting the responsibility for the lease contract in the new tenant’s hands, but does not entirely relieve the former tenant from liability

Answer 27

assignment

Question 28

The tenant is prohibited from quiet enjoyment of the premises, and vacates. In such cases, the tenant is evicted for all practical purposes because enjoyment of the premises is not available

Answer 28

constructive eviction

Question 29

With this type of eviction, the landlord has taken matters into his or her own hands, and evicts the tenant without going through proper legal procedures

Answer 29

actual eviction

Question 30

The right of a tenant to renew a lease upon the expiration of a lease period (seen frequently in commercial leases)

Answer 30

option to renew

Question 31

A sum provided by a tenant to a landlord to ensure the landlord is not left with extraordinary expenses or unpaid rent when a tenant vacates

Answer 31

security deposit

Question 32

An agreement for a new occupant to live in the premises and pay rent to the tenant, who pays the landlord (requires landlord permission)

Answer 32

sublease

Question 33

A type of estate where ownership interest may be passed down to heirs

Answer 33

fee simple determinable

Question 34

Ownership that terminates at an event pre-determined by the owner (either death or during the owner’s life)

Answer 34

life estate (conventional)

Question 35

An estate based on the lifetime of a person other than the life tenant. Provides for the inheritance of the life tenant’s heirs only until death of the third party

Answer 35

per autre vie