Leasing and Property management 1

Question 1

A lease is a contract which conveys the right to

Answer 1

use or occupy real property

Question 2

A valid lease can be written or oral or written only

Answer 2

written or oral

Question 3

In most states, an oral lease for 1 year or less is

Answer 3

valid AND enforceable

Question 4

In most states, an oral lease for more than one year is

Answer 4

valid BUT not enforceable.

It must be written to be enforceable

Question 5

When real property is leased, the landlord is called the

Answer 5

Lessor

Question 6

When real property is leased, the tenant is called the

Answer 6

Lessee

Question 7

A valid lease can be

Answer 7

written or oral

Question 8

In most states, an oral lease for 1 year or less is

Answer 8

valid and enforceable

Question 9

In most states, an oral lease for more than 1 year is

Answer 9

valid but not enforceable

Question 10

when real property is leased, the landlord is called

Answer 10

the lessor

Question 11

The difference between gross and net leases is seen from the point of view of the

Answer 11

Land Lord

Question 12

The type of lease in which the tenant pays a fixed monthly rent and the landlord pays all expenses such as taxes , insurance, and maintenance of the rent is a ____

Answer 12

Gross Lease

Question 13

The type of lease in which the tenant pays a fixed monthly rent to the landlord and pays some of his own expenses such a taxes , insurance, and maintenance is

Answer 13

a Net Lease

Question 14

A GRADUATED LEASE IS ALSO CALLED A STEP UP

Answer 14

LEASE

Question 15

A TYPE OF LEASE WHICH CONTAINS A PROVISION FOR FUTURE RENT INCREASES BAED ON GENERAL INCREASES IN OPERATING COSTS IS CALLED RENT INCREASES THE A

Answer 15

INDEX LEASE

Question 16

THE legal removal of a tenant from a leased property because of violation of the lease terms is called

Answer 16

ACTUAL EVICTION

Question 17

THE types of leasehold estates NOT terminated by the death of either party included a “lease for years” and

Answer 17

PERIODIC LEASE

Question 18

THE TYPES OF LEASEHOLD ESTATES WHICH ARE TERMINATED BY THE “DEATH” OF EITHER PARTY INCLUDE A “TENANCY AT WILL” AND

Answer 18

TENANCY AT SUFFERANCE

Question 19

if the tenant dies during a “lease for years’ the heirs of the deceased

Answer 19

ARE BOUND BY THE LEASE.

Question 20

Tenancy at Will. The main difference between a tenancy at sufferance and a tenancy at will is that the landlord has actually given permission to a tenant at will to live in the rental property after the original lease agreement has ended. … A tenancy at sufferance occurs without the landlord’s permission.

Answer 20

How does the tenancy for years differ from the tenancy at will?
Differences. One big, glaring difference between periodic tenancy and tenancy at will is that periodic tenancy includes something in writing while tenancy at will does not. … With tenancy at will, either party can terminate the arrangement at any time. Periodic tenancy is more structured, while tenancy at will is not.

Question 21

Assignment or subletting of a lease

Answer 21

is possible unless otherwise prohibited.

Question 22

The transfer of ALL rights that a tenant holds in a leased property is called

Answer 22

Assignment

Question 23

When leased property is sublet who has liability for the lease?

Answer 23

The Sublessor

*the original lessee, the sublessor is solely liable.

Question 24

Assignement or subletting of a lease is

Answer 24

possible unless otherwise prohibited

Question 25

When leased property is ASSIGNED who has liability for the lease?

Answer 25

BOTH original and new tenants.

Question 26

When LEASED PROPERTY IS ASSIGNED, who has PRIMARY liability for the lease?

Answer 26

The ASSIGNEE

Question 27

WHEN LEASED PROPERTY IS ASSIGNED who has SECONDARY liability for the lease?

Answer 27

the ASSIGNOR

Question 28

WHEN LEASED PROPERTY IS SUBLET WHO HAS LIABILITY FOR THE LEASE

Answer 28

THE SUBLESSOR ONLY.

Question 29

In a property management relationship, the principal is the

Answer 29

Property owner

Question 30

the property manager acts as an agent of the property owner.

Answer 30

Property managers are usually licensed real estate brokers

Question 31

having an attorney draw up a property management contract is

Answer 31

NOT REQUIRED.