Chapter 7: Real Estate Leases Flashcards Preview

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Flashcards in Chapter 7: Real Estate Leases Deck (16)
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1
Q

A lease contract is best described as

A

A conveyance of a possessory interest

2
Q

When a tenant acquires a leasehold estate through a lease, what does the property owner acquire?

A

A leased fee estate

3
Q

When an owner leases her property, she temporarily relinquishes is the right to

A

Occupy the property

4
Q

Which of the following happens when a leased property sold?

A

The buyer acquires title subject to the lease

5
Q

A landlord and tenant complete a one-year lease. The following week, the landlord dies. Which of the following is true?

A

The tenant must continue to abide by all lease terms

6
Q

If a lease does not state a specific ending date, when does it terminate?

A

When either party gives proper notice

7
Q

In accordance with the Statute of Frauds,

A

A five year lease must be in writing to be enforceable

8
Q

What is one important difference between a sublease in a lease assignment?

A

In a sublease, the original tenant retains primary responsibility for the performance of the original lease contract

9
Q

Which of the following lease types conveys rights other than the rights to exclusive use and occupancy of the entire property?

A

A rights lease

10
Q

An owner leasees a property to a business in exchange for rent. The tenant is required to pay all operating expenses as well. This is an example of a

A

Net lease

11
Q

The percentage lease is most often used by

A

Retail landlords

12
Q

Which of the following summarizes the general terms of a ground lease?

A

The tenant lease is the ground from the landlord and owns the improvements

13
Q

Among the usual remedies available to the injured party if a tenant or landlord defaults on the terms of the lease is the right to

A

Sue to compel performance of a contract

14
Q

Elise automatically terminates under which of the following circumstances?

A

The leased property is foreclosed

15
Q

One of the aims of the Uniform Residential Landlord and Tenant Act is to?

A

Discourage the use of unfair and overly complex leases

16
Q

A primary theme of the uniform residential landlord and tenant act is that both landlord and tenant…

A

Bargain with each other in good faith