Property Management And Leases
Chapter 7 Property Management and Leases
- 1.An estate for years would be created by:
- A.
Express agreement
- B.
Adverse possession
- C.
Operation of the law
- D.
Holding over
- 2.The tenant who remains in possession after the lease expires:
- A.
Is on a periodic tenancy
- B.
Has a freehold interest
- C.
Is a tennant at sufferance
- D.
Has a servient tenement
- 3.The effect of a lease assignment is that the
- A.
Entire lease interest is transferred
- B.
Assignee makes rent payments to the assignor
- C.
Assignee is a tenant of the assignor
- D.
Assignor remains primarily liable on the lease
- 4.In accordance with the uniform residential landlord and tenant act, a lessor may properly require that the tenant
- A.
Pay a security deposit equal to two months rent
- B.
Agree to a limitation on the owner's liability
- C.
Pay any lessor attorney fees arising from a dispute
- D.
Restrict use of the premises to residential purposes
- 5.A lease prohibited assignment or subletting without the owner's prior approval. The lessee assigned without asking the lessor. The assignment is
- A.
Void
- B.
Voidable
- C.
Unenforceable
- D.
Illegal
- 6.The uniform residential landlord and Tenant Act provides that the tenant
- A.
Can agree to hold the landlord harmless for actions of the landlord
- B.
May apply the security deposit to the last month's rent
- C.
May not unreaasonably withhold permission for the landlord to enter the premises
- D.
Will make the repairs necessary to keep the premises fit for habitation
- 7.A sublessee is a(n)
- A.
Assignee
- B.
Owner
- C.
Tenant
- D.
Lessor on a sublease
- 8.An advantage offered to an investor buying a structure subject to a ground lease rather than buying the structure and the land is
- A.
Not having to pay for an unneeded structure
- B.
Lower investment requirements
- C.
Being able to deduct interest payments
- D.
The advantage of a continued rental income
- 9.A clause in a three year lease provides that should the tenant retain possession after expiration of the lease, it will be on a month to month basis with a significant increase in rent. This clause is intended to discourage a
- A.
Lease renewal
- B.
Lease extension
- C.
Tenancy at sufferance
- D.
Surrender of the premises
- 10.A lessee is relieved of all obligations under the lease when the
- A.
Lessee is evicted for rent arrearage
- B.
Property is sold
- C.
Lessee is constructively evicted
- D.
Lessee can no longer afford to pay the rent
- 11.A lease in which the lessee's total monthly rent costs remain unchanged for the term of the lease is what type of lease?
- A.
Gross
- B.
Net
- C.
Percentage
- D.
Graduated
- 12.Broker L, who manages property for M, approaches tenant N for back rent a day after M dies. N refuses to pay. The broker should
- A.
Give N statutory notice to quit or pay rent
- B.
Start an unlawful detainer action
- C.
Turn the matter over to a colllection attorney
- D.
Take no further action
- 13.J leased to K who subleased to L, who then subleased to M. The lease between K and L could be regarded as a(n)
- A.
Sandwich lease
- B.
Assignment
- C.
Master lease
- D.
Flat lease
- 14.Partial lease interests were transferred by a lessee. This is a(n)
- A.
Step lease
- B.
Gross lease
- C.
Assignment
- D.
Sublease
- 15.The lessee pays for fire insurance under what type of lease?
- A.
Gross
- B.
Percentage
- C.
Triple net
- D.
Graduated Payment
- 16.What type of long term lease is best for a commercial tenant during an inflationary period?
- A.
Gross
- B.
Percentage
- C.
Index
- D.
Net
- 17.A property manager is in trouble because of compensation received. This compensation was a
- A.
Percentage of the gross
- B.
Fee for leasing
- C.
Fee for supervising repairs
- D.
Kickback from a supplier
- 18.A mineral formerly used in home construction that can cause lung cancer is
- A.
Asbestos
- B.
Lead
- C.
Radon
- D.
Urea formaldehyde foam
- 19.A former owner could be liable for the physical condition of the premises even after ten years
- A.
If a warranty deed was used to convey title
- B.
If the owner failed to specify "as is"
- C.
Under the federal Comprehensive Environmental Response Compensation and Liability Acto f 1980
- D.
Under the Uniform Residential Landlord and Tenant Act
- 20.G leased a commercial building to S for ten years. After six months S moved out without notice. G advertised for a tenant. G's action relate to
- A.
Liquidated damages
- B.
Mitigation of damages
- C.
Punitive damages
- D.
Severance damages
- 21.A child was injured when he fell through the floor in an abandoned house. If the owner was held liable for the injury, the house was probably considered a(n)
- A.
Encroachment
- B.
Attractive nuisance
- C.
Hazardous substance
- D.
Implied easement
- 22.One reason a company would sell and then lease back its real property would be
- A.
The deductibility of interest
- B.
To reduce monthly expenses
- C.
Liquidity
- D.
The tax benefits of depreciation
- 23.When a lease is assigned, who is responsible for rent obligations?
- A.
The assignee becomes primarily liable under the lease, and the assignor is released
- B.
The assignor remains primarily liable under the lease
- C.
The assignee becomes primarily liable under the lease, and the assignor retains secondary liability
- D.
The assignee is liable only to the assignor and the assignor is liable to the lessor
- 24.A commercial lease for a definite period of time is terminated by
- A.
Death of the lessor
- B.
Death of the lessee
- C.
A sale by the lessor
- D.
Surrender
- 25.A lessor believes the desirability and sales volume of a large retail store will increase dramatically in the next few years. In negotiating a long term lease for the premises, the lessor would ask for what type of lease?
- A.
Flat
- B.
Triple net
- C.
Percentage
- D.
Gross
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