Property Management

Question 1

When the tenancy is of uncertain term and requires no notice for termination, it is called:

Answer 1

Tenancy at will

Question 2

A Lessee has secondary responsibility to pay the rent is:

Answer 2

Assigned

Question 3

Lessee has primary responsibility to pay the rent

Answer 3

Sublet

Question 4

Lessor pays utilities, property tax or hazard insurance. This is an example of:

Answer 4

Gross Lease

Question 5

Lessee pays all utilities & maintenance. This is an example of:

Answer 5

Net Lease

Question 6

Pay flat amount plus a share of profits. This is an example of:

Answer 6

Percentage Lease

Question 7

Lease payments increase over course of lease. This is an example of:

Answer 7

Escalator Clause

Question 8

Increases in taxes shared by tenant. This is an example of:

Answer 8

Participation Clause

Question 9

Lease the land, own the improvements. This is an example of:

Answer 9

Ground Lease

Question 10

Which of the following is for air, mineral rights?

Answer 10

Vertical Lease

Question 11

Which of the following applies to rent increases/decreases tied to a financial indicator?

Answer 11

Index Lease

Question 12

Which of the following uses an interval market evaluation?

Answer 12

Reappraisal Lease

Question 13

The former owner now leases from the buyer. This is called a sale/leaseback.

Answer 13

True

Question 14

In a sale and leaseback, the seller becomes the tenant.

Answer 14

True

Question 15

Leasehold rights are:

Answer 15

Real property

Question 16

When lessees abandon property before the expiration of the lease, they have a legal obligation to continue to pay rent.

Answer 16

True

Question 17

Periodic tenancy automatically renews, and is referred to on the streets as a month-to-month lease. In Utah, if length of notice to terminate is not specified in the lease, the statutory requirement is ____ days.

Answer 17

15

Question 18

An unwanted lessee illegally possessing the property is known as a Tenant at Sufferance. Upon termination of the lease, if the lessor accepts rent, the lessee becomes a ____________ tenant.

Answer 18

Holdover

Question 19

To evict an unwanted tenant, landlords must give the tenant notice to quit. They then file with the court an unlawful detainer action. If the court rules in favor of the landlord, a writ of restitution/eviction is issued and the sheriff puts the tenant out.

Answer 19

True

Question 20

The rights the tenant has to use necessary wood and water on the leased property:

Answer 20

Estovers

Question 21

A clause in a mortgage to protect lessees, in case of foreclosure, against the lessor is known as a non-_____________ clause.

Answer 21

Disturbance

Question 22

The lessor regains possession of the property by right of _________.

Answer 22

Reversion