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Real Estate > Lease > Flashcards

Lease Flashcards

1
Q

statute of frauds

A

Certain types of contracts will not be enforced under Utah law if the agreement is an oral agreement
These contracts are governed by what is called “the statute of frauds” and must be contained in some type of writing to be enforced

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2
Q

Lease

A

The conveyance of the right of possession
without conveying ownership

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3
Q

Holdover Tenancy

A

Tenancy holding over from a lease.

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4
Q

Types of Leases

A
  • Estate for years is a lease with a specific starting and ending date,
  • Period to period tenancy is a month to month lease.
  • Estate at Will is a lease of unspecified duration that does not automatically renew itself.
  • Tenancy of Sufferance When the tenant was to vacate the property at end of their lease, and they say on the property and if landlord does not take any money from tenant. If landlord collects any rents the lease becomes period to period tenancy.
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5
Q

_______ is a type of leasehold estate in which a tenant stays in possession of a property after the lease has expired without the consent of the owner.
A: Estate At Will
B: Estate At Sufferance
C: Estate For Years
D: Periodic Tenancy

A

B: Estate At Sufferance

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6
Q

A lease with a specific starting and ending date is called a(n)
A: Estate At Will
B: Estate At Sufferance
C: Estate For Years
D: Periodic Tenancy

A

C: Estate For Years

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7
Q

A lease of unspecified duration that does not automatically renew itself is called a(n)
A: Estate At Will
B: Estate At Sufferance
C: Estate For Years
D: Periodic Tenancy

A

A: Estate At Will

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8
Q

The law that states that all leases over 12 months have to be in writing is called:
A: The Statute Of Limitations
B: The Statute Of Law
C: The Statute Of Frauds
D: The Statute Of Contract

A

C: The Statute Of Frauds

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9
Q

Sublet is:
A: To Add More People Into Your Lease
B: To Take People Out Of The Lease
C: None Of The Above
D: All Of The Above

A

A: To Add More People Into Your Lease

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10
Q

Lessor is:
A: Another Name For Landlord
B: The Person Who Is Renting The Property
C: None Of The Above
D: All Of The Above

A

A: Another Name For Landlord

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11
Q

Assignee is:
A: The Person, The Lessee Finds To Take Over The Lease
B: The Person Who Is Currently On The Lease
C: None Of The Above
D: All Of The Above

A

A: The Person, The Lessee Finds To Take Over The Lease

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12
Q

Assignment

A

When a tenant finds someone to take over
their lease.

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13
Q

Lessor

A

another name for landlord

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14
Q

Lessee

A

Another name for tenant.

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15
Q

Assignor

A

The name the lessee is termed when finding an assignee.

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16
Q

Assignee

A

The person the lessee finds to take over
the lease.

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17
Q

sublet

A

To add more people onto your lease.

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18
Q

In order for the tenant to be relieved of paying rent and terminating the lease under constructive eviction:
A: The Tenant Must File A Lawsuit Against The Landlord
B: The Landlord Must File A Lawsuit Against The Tenant
C: The Tenant Must Stop Paying Rent
D: The Tenant Must Vacate The Property

A

D: The Tenant Must Vacate The Property

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19
Q

Assignment is:
A: When A Tenant Finds Someone Else To Take Over The Lease
B: The Assignment That Has To Be Completed
C: None Of The Above
D: All Of The Above

A

A: When A Tenant Finds Someone Else To Take Over The Lease

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19
Q

Periodic Tenancy:
A: A Lease Of Unspecified Duration That Does Not Automatically Renew Itself
B: The Lease Never Gets Renewed
C: None Of The Above
D: All Of The Above

A

A: A Lease Of Unspecified Duration That Does Not Automatically Renew Itself

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20
Q

Utah Fit Premise Act
A: Stipulates The Landlord Is Responsible For Maintaining A Property That Is Safe For Human Habitation
B: Stipulates The Landlord Is Only Responsible For Certain Parts Of The House
C: None Of The Above
D: All Of The Above

A

A: Stipulates The Landlord Is Responsible For Maintaining A Property That Is Safe For Human Habitation

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21
Q

Periodic Tenancy

A

A lease of unspecified duration that does
not automatically renew itself.

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22
Q

Utah Fit Premise Act

A

stipulates The Landlord is responsible for maintaining a property that is safe for
human habitation

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23
Q

Habitability

A

The owner, property manager and the tenant takes a role in the habitability of the property

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24
Q

Termination

A

When someone wants the lease ended. The terms of the termination are detailed
in the lease.

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25
Q

Constructive Eviction

A

The process by which the tenant may evict themselves and terminate the lease because of inaction on the part of the landlord to maintain the property.

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26
Q

Once the lease agreement has been terminated, the tenant will receive the security deposit back within ______ days
A: 30 Days
B: 60 Days
C: 2 Months
D: None Of The Above

A

A: 30 Days

27
Q

Parts of the Lease

A
  • Who is staying on the property.
  • Address of the property.
  • Monies - Rent, Fees and Deposits
  • The expectations using set rules and regulations of the
    Landlord and the Tenant
28
Q

Parts of the Lease

A
  • Security Deposits - Be in for full term of agreement, give written notice for intent to vacate, can not have outstanding balance, must clean the premises, surrender property and all keys/cards, give forwarding address
  • Property condition - ensure tenants agreement of condition of property
29
Q

Parts of the Lease

A
  • Rent amount, due date, when it is late and late fees.
  • Repairs - note most repairs are tenants responsibilities
    other than heating water, electricity, then it’s the owner. The repairs requested should always be in writing. Tenant is responsible to keep in good condition
  • Pests - Tenant is responsible for the costs. Submit written
    request to manager/owner and you will be billed for it
  • Who is responsible for paying what. * Lead based paint - Property older than 1978 owner has to acknowledge lead based paint and fully disclose.
  • Final Signature Line making this an enforceable legal binding document.
30
Q

______ is a property lease in which the landlord agrees to pay all expenses which are associated with ownership: these include utilities, repairs, insurance, etc.
A: Distance Lease
B: Gross Lease
C: Rental Agreement
D: None Of The Above

A

B: Gross Lease

31
Q

The legal process of removing a tenant for a breach of the lease is called:
A: Abandonment
B: Eviction
C: Abatement
D: Novation

A

B: Eviction

32
Q

Lauryl and Dayton would like to rent one of the units in Diane’s 4-plex. They sign a lease. They are the:
A: Lessee
B: The Renter
C: The Owner
D: The Landlord

A

A: Lessee

33
Q

The clause in a mortgage that states that the tenants’ rights under their lease are to remain intact if the lender has to foreclose on the owner’s property is called a(n):
A: Non-Defeaseance Clause
B: Non-Disturbance Clause
C: Habendum Clause
D: Defeasance Clause

A

B: Non-Disturbance Clause

34
Q

The tenants must have permission, from the owner to make ________ in the house
A: Fees
B: Improvements
C: None Of The Above
D: All Of The Above

A

B: Improvements

35
Q

Gross Lease

A

The most common lease used, has a set
rent amount.
Decide before hand who is paying for what utilities Owner pays taxes and hazard insurance, and repairs. Tenants pay rent and utilities

36
Q

Net Lease

A

Tenant usually pays for everything, rent utilities, insurance, property taxes, CAM charges (common area maintenance) usually in
Commercial leases.

37
Q

Percentage Lease

A

This is usually commercial, with a set amount of rent, and a percentage of the sales of the business that is conducting business business
property

38
Q

Fair Housing Laws

A

Landlords have to follow the laws of fair
housing, they are non discrimination laws

39
Q

Fair Housing Laws
Familial status
Disability / Handicap
Race
Color
Ethnicity
Religion
Sex
National Origin
And federally protected classes but in UT
Orientation Gender Identity

A

Landlords are bound to this Law. With this one exception, If the owner/landlord lives
in the same building.

40
Q

Quiet Enjoyment

A

The right to enjoy the property . Giving a 24 hour notice as to not disturb the tenant
is generally specified in the lease.

41
Q

Requirements of a valid lease

A

The person who is signing the lease have the capacity to sign the lease.
A legal objective
An offer and an acceptance
A consideration (monies that will be paid)

42
Q

Actual eviction

A

Normal eviction from either non payment of
rent or not complying with the terms of lease.

43
Q

Improvements

A

A tenant must have permission, preferably written, from the owner of the property to make improvements. If the improvement is attached to the property, stays with the
property if they leave.

44
Q

Notice to Pay or Quit

A
  • A Notice to Pay or Quit is used by the landlord to inform the tenant who is late in paying rent that they can either pay the amount due or
    vacate the property.
  • This form gives the tenant a deadline for payment.
  • The form indicates when the tenant needs to vacate the property if
    they fail to pay the rent that is due.
45
Q

Diane owns a 4-plex in Spanish Fork. She offers to lease each unit for $500 per month. Diane is the:
A: Lessor
B: Lessee
C: Tenant
D: Beneficiary

A

A: Lessor

46
Q

When you first sign the lease, the graduated payments are spelled out and on a set timetable.This is a(n):
A: Index Lease
B: Lessor
C: Agent
D: None Of The Above

A

A: Index Lease

47
Q

Landlords have to follow the laws of _________, they are non discrimination laws.
A: Fair Housing
B: Lease Agreement
C: None Of The Above
D: All Of The Above

A

Fair Housing

48
Q

Ground Lease is:
A: Only When The Grounds Are Leased
B: When Certain Properties Are Leased
C: None Of The Above
D: All Of The Above

A

A: Only When The Grounds Are Leased

49
Q

Ground Lease

A

When only the grounds are leased. The tenant will own the buildings if any on the grounds.

50
Q

Lease Option

A

An option for a buyer to purchase a property and to lease the property back from the owner. Best during a strong market.

50
Q

Oil and Gas Lease

A

Payment to owner of property that an oil or gas company is drilling.. Fluctuates with
economy.

51
Q

Lease Back

A

A seller sells the property and leases the
property back.

52
Q

Right of Entry

A

Critical to tenant and the owner. The rights of the tenant and the rights of the landlord, maintenance and service professionals to enter the property must be fully specified. UT has no legal standards.

53
Q

Graduated Lease

A

When you first sign the lease graduated payments are spelled out and on a set
timetable

54
Q

Index Lease

A

When you first sign the lease graduated payments are spelled out and on a set
timetable

55
Q

Constructive Eviction

A

When the tenant evicts themselves, usually
due to negligence on the owner’s side. Rent is paid until the eviction is final. This is tied to the Utah Fit Premise Act., The tenant must vacate the property

56
Q

The Utah Fit Premises Act stipulates that:
A: The Tenant Is Responsible For Maintaining A Property That Is Safe For Human Habitation
B: The Landlord Is Responsible For Maintaining A Property That Is Safe For Human Habitation
C: The Property Manager Is Responsible For Maintaining A Property That Is Safe For Human Habitation
D: All Tenants Who Reside In The Property Shall Be Physically Fit

A

B: The Landlord Is Responsible For Maintaining A Property That Is Safe For Human Habitation

57
Q

When a tenant fails to pay rent, the landlord may give the tenant a:
A: Notice To Pay Or Quit
B: Notice Of Lien
C: Notice Of Completion
D: Notice Of Nonrecourse

A

A: Notice To Pay Or Quit

58
Q

A Notice to Pay or Quit requires how many days’ notice?
A: 3 Business Days
B: 3 Calendar Days
C: 5 Business Days
D: 5 Calendar Days

A

A: 3 Business Days

59
Q

The conveyance of the right of possession without conveying ownership is called a:
A: Deed
B: License
C: Lease
D: Sale And Leaseback

A

C: Lease

60
Q

The process by which the tenant may evict themselves and terminate the lease because of inaction on the part of the landlord to maintain the property is called:
A: Constructive Eviction
B: Actual Eviction
C: Novation
D: Assignment

A

A: Constructive Eviction

61
Q

Constructive eviction was created for the benefit of the:
A: Landlord
B: Lessor
C: Lessee
D: Property

A

C: Lessee

62
Q

When a tenant fails to pay rent or creates a nuisance, a landlord has the right to:
A: Constructive Eviction
B: Actual Eviction
C: Novation
D: Assignment

A

B: Actual Eviction

63
Q

Another name for the landlord is the:
A: Lessor
B: Lessee
C: Tenant
D: Beneficiary

A

A: Lessor

64
Q

Another name for the tenant is the:
A: Lessor
B: Lessee
C: Grantor
D: Beneficiary

A

B: Lessee

65
Q

A lease of the land only where the tenant pays for and owns all improvements is called a(n):
A: Vertical Lease
B: Rooftop Lease
C: Ground Lease
D: Proprietary Lease

A

C: Ground Lease

Real Estate (52 decks)

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