Mod 8 - Leases, Real Estate Taxes, Real Estate Appraisal

Question 1

an agreement to transfer the possession of and the right to use property from one party to another for a specific period of time

Answer 1

lease

Question 2

a conveyance and a contract

Answer 2

a lease

Question 3

Why is a lease a conveyance and a contract

Answer 3

Conveyance - transfers the right of possession and use of property; contract - sets the amount to be paid and obligations of both parties

Question 4

a voluntary agreement between 2 or more parties to do or not to do certain acts

Answer 4

contract

Question 5

the transferring of an estate by a lease; death

Answer 5

demise

Question 6

what is a demise?

Answer 6

the transferring of an estate by a lease; death

Question 7

In a lease, what type of ownership/interest does the landlord (2) have? the tenant (1)?

Answer 7

the landlord has both a leased fee and a reversionary interest. the tenant has a leasehold estate

Question 8

the interest that the owner (lessor) of real estate has in real estate that has been leased to another

Answer 8

leased fee

Question 9

the type of estate created by a lease; estates for a definite limited period of time

Answer 9

leasehold estate, non free hold estate

Question 10

T or F: all leases have a beginning and ending date

Answer 10

F: all leases have a beginning date but only estate for years has an ending date

Question 11

T or F: a holdover tenant is a trespasser

Answer 11

F: holdover tenant are not considered trespasser because they came into possession lawfully

Question 12

when a tenant or other person in possession of any real property willfully and without force, holds over any such real property after demand and notice in writing is given for the delivery of the possession of the property by a lessor

Answer 12

unlawful detainer

Question 13

How does a lessor get rid of a hold over tenant

Answer 13

They must serve the tenant a written notice to quit demanding that the tenant surrender possession of the premises. and if the tenant does not, they lessor may stat a formal eviction action

Question 14

Can a lessor accept money from a holdover tenant during an estate at sufference

Answer 14

yes, but then it is no longer an estate at sufferance, it becomes an estate from period to period

Question 15

a notice given by the landlord to a tenant ending the tenancy and telling the tenant to leave the premises

Answer 15

notice to quit

Question 16

a notice given by the landlord to a tenant that serves as a warning notice. the notice tells the tenant to stop certain wrongful conduct within the premises

Answer 16

notice to cease

Question 17

a law requiring that certain contracts be in writing in order to be enforceable and or admissible as evidence in a court of law

Answer 17

statute of frauds

Question 18

According to the statute of frauds, what kind of lease needs to be in writing

Answer 18

leases of real estate for more than 3 years