Less-than Freehold

Question 1

A lesse rents a building from May Ist., to September Ist., His tenancy is:
A Estate for years
B Month to month
C Periodic tenancy
D Monthly lease

Answer 1

Estate for years

Question 2

Johnson leased a store building that Scott owns for seven years.
Johnson’s estate in the store bul
A Estate for years
B A less than freehold estate
C A chattel real
D All of the above

Answer 2

All of the above

Question 3

Robert a college student leased an apartment unit from May Ist. to September Ist In your opinion, Robert’s lease is:
A An estate for years
B Personal property
C A chattel real
D All of the above

Answer 3

All of the above

Question 4

In which of the following lease agreements is the landlor required to give a notice termination:
A A percentage lease
B A net lease
C A month to month lease
D Estate for years

Answer 4

Estate for years

Question 5

Which of the following lease agreements contains a termination date:
A A percentage lease
B Estate for years
C A month to month lease
D A net lease

Answer 5

Estate for years

Question 6

A person who held a life estate leased the property for Five years and then died.
The new owners ordered the lessee to move out. The lease was:
A Valid for the five years
B Valid until the person who held the life estate died
C Invalid from the beginning
D Invalid unless the deceased’s executor confirmed it

Answer 6

Valid until the person who held the life estate died

Question 7

A tenant may be justified to abandoned a lease by all of the following except
A When the landlord fails to make repairs to the premises
B When the landlord fails to provide quiet enjoyment and possession
C When the property has been damage (dilapidated) by the tenant
D None of the above

Answer 7

When the property has been damage (dilapidated) by the tenant

Question 8

Jack leases a single family dwelling property from Mr. Michaels. After the lease agreement is signed and Jack moves in, Mr. Michaels insists that Jack sign a contract agreeing to make substantial capital improvements to the property. This requirement by the lessor would render the lease contract:
A Valid
B Voidable by the lessor
C Voidable by the lessee
D Void

Answer 8

Voidable by the lessee

Question 9

Which of the following best describes a sublease:
A The sublease must be assigned to a third party
B If the sublease is transfer only the original lessee may cancel it
C The entire sublease is transfer
D Is a transfer of the less than the entire leasehold

Answer 9

Is a transfer of the less than the entire leasehold

Question 10

If a tenant enters into a 2 year lease, if the lease contains no clause of assignment of subleasing, the tenant:
A May assign a sublease to another tenant only with the consent of the landlord
B May sublease to another tenant without the consent of the landlord
C Cannot sublease
D May assign the lease only but not sublease

Answer 10

May sublease to another tenant without the consent of the landlord

Question 11

When rent is computed on the gross sales of a business. Then the lease is correctly termed:
A net lease
В A gross lease
C A voidable lease
D A percentage lease

Answer 11

A percentage lease

Question 12

When a lease is assigned:
A The lease must be assigned to a third party
B If the sublease is transferred only the original lessee may cancel it
C The entire leasehold is transferred
D The original lessee is subject to the new lessee

Answer 12

The entire leasehold is transferred

Question 13

CPI refers to:
A Listing agreements
B Purchase agreements
C Manufacturing
D Commercial leases

Answer 13

Commercial leases

Question 14

A rental agreement for less than a year:
A It doesn’t have to be in writing
B It must be in writing
C Is cancelled
D Is revoked

Answer 14

It doesn’t have to be in writing

Question 15

When a tenant under a lease decides to leave the premises with the intention not to return is known as:
A Eviction
B Constructive notice
C Abandonment
D Expired lease

Answer 15

Abandonment

Question 16

Sam is the lessee in a lease for a unit “purchased” in a cooperative apartment building. Sam makes monthly rent payments under the lease which include his proportionate share of the mortgage payments, property taxes and insurance.
Concerning this, which of the following is most correct:
A Sam’s equity could be lost if other lessees in the building default in their monthly payments under their leases
B Special assessments for street improvement by local government will be directly assessed against each unit in the apartment in the cooperative
C Sam will be billed separately for local real property taxes
D Cannot deduct real property taxes when computing his federal income tax return

Answer 16

Sam’s equity could be lost if other lessees in the building default in their monthly payments under their leases