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Unit 6
Test Questions
| Question | Answer |
|---|---|
| Which of the following transactions would BEST be described as involving a ground lease? | With the landowner's permission, a tenant builds and owns a shopping center on vacant land leased from the landowner. |
| What is the maximum amount of security deposit that a residential landlord may charge for the first year? | Up to two months' rent |
| How soon must the landlord return the tenant's security deposit after termination of the lease? | 30 days |
| A tenant who transfers all rights for the remaining term of the lease to a third party is | assigning the lease. |
| After a tenant's lease expired, the tenant neither vacated nor negotiated a renewal lease. The landlord has declared that she does not want the tenant to remain in the building. The tenant holds | an estate at sufferance. |
| A tenant's lease will expire in two weeks, at which time, the tenant will move into larger quarters on the other side of town. To terminate the agreement, | nothing needs to be done—the agreement will terminate automatically |
| A Pennsylvania landlord failed to repair a defective furnace, and no heat was available to the tenant during the month of December. After repeated requests for the repair, the tenant finally moved out. In this situation, the tenant | has been constructively evicted. |
| The leasehold interest that automatically renews itself at each expiration is the | tenancy from period to period. |
| Which of the following BEST describes a net lease? | lease in which the tenant pays rent in addition to some or all operating expenses |
| A lease calls for a minimum rent of $1,200 per month plus 4% of the annual gross business over $150,000. If the total rent paid at the end of one year was $19,200, how much business did the tenant do during the year? | $270,000 |
| A tenant moves a pet into an apartment community that has a no-pets policy. The landlord wishes to remove the tenant because of this breach. The legal process to remove a tenant is known as | actual eviction. |
| apartment lease has expired, their landlord has told them that they may remain on the premises until a sale of the building is closed. The tenants will be charged their normal monthly rental during this period. The tenancy held by the tenants is called | estate at will. |
| A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three years based on the percentage increase in the for that period." What kind of lease has this tenant signed? | Index |
| The death of either the landlord or the tenant will terminate the lease and the parties' heirs will NOT be bound by its terms under a | tenancy at will. |
| The tenant leases a heated apartment, but the landlord fails to provide heat because of a defective central heating plant. The tenant vacates the premises and refuses to pay any rent. This is an example of | constructive eviction. |
| The lessor and the lessee have agreed to a lease term of five years. How can the lessor ensure that the rental income during the term reflects the market conditions? | Negotiate an index lease |
| The purpose of a security deposit is to | repair damage to the property caused by the tenant. |
| An individual rents an apartment for one year. The landlord sells the building during the one-year lease term. What effect does the sale have on the lease? | The sale does not affect the lease. |
| When the lease is signed, the landlord retains | a reversionary right to possession. |
| A tenant is leasing a house while saving enough money for the down payment to perform on the sales contract. What type of an arrangement is this? | Lease purchase agreement |
| A young couple with a toddler and an infant want to lease an apartment in a complex occupied primarily by adults. The rental agent shows the couple only first-floor apartments. In this situation, the rental agent | should have showed the couple all available apartments. |
| A leased building collapses, forcing the tenant to move out. This is called | constructive eviction |
| Which of the following is the BEST definition of actual eviction? | The enforcement of a court order to remove lessee |
| The owner of real estate who leases it to another is called the | lessor. |
| The authority to carry out the eviction of a delinquent tenant from rented property is held by the | sheriff. |
| For a lease to be valid, it must contain a | statement of the specific length of time. |
| A company used its own cash to build a very large complex of buildings from which it operates worldwide. Now the company wants to use this money for other projects. How can the company continue to use the buildings while recovering its investments? | Sale-and-leaseback |
| A tenant signs a lease that includes a schedule of rent increases on specific dates over the course of the lease term. What kind of lease has this tenant signed? | Graduated |
| The death of either the landlord or the tenant automatically terminates | an estate at will |
| In which type of tenancy may the landlord treat the tenant as a trespasser and proceed with eviction? | Estate at sufferance |
| What does Pennsylvania require for leases that run for more than 30 years? | Payment of transfer taxes |
| A percentage lease is a lease that provides for a | definite monthly rent plus a percentage of the tenant's gross receipts in excess of a certain amount. |
| A tenant's written five-year lease with monthly rental payments expired last month, but the tenant has remained in possession and the landlord has accepted his most recent rent payment without comment. At this point, the | tenant is a holdover tenant. |
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adalieburgard26