Lesson 7 Quiz – Leasing Essentials

A lease is both an

instrument of conveyance and a contract

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instrument of conveyance and a deed

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estate and freehold interest

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estate and a contract

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A tenant wants to have a specific lease-expiration date in his lease. Which of the following leasehold estates does this tenant want?

Estate at sufferance

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Estate at will

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Estate from period-to-period

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Estate for years

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In conveying the leasehold estate to the tenant, the landlord retains a

leased fee estate

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defeasible estate

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leasehold interest

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conditional interest

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Generally, a lease for a period exceeding one year must be in writing to be enforceable because of the

Statute of Limitations

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Statute of Frauds

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State licening laws

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Statute of Repose

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An oral lease is legally construed to be which of the following?

A tenancy at will

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A tenancy for years

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A month-to-month tenancy

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A tenancy at sufferance

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In a sublease, which of the following parties remains primarily liable for the original lease with the landlord?

The assignor

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The assignee

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The sublessor

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The sublessee

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Which of the following is true regarding option leases?

The lessor does not have to comply

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The lessee does not have to exercise the option

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The lessee must purchase the property

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The lessee must renew the lease

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Which one of the following lease agreements is typically used for retail properties?

Gross lease

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Net lease

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Percentage lease

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Full-service lease

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Residential leases differ from commercial of leases in that

the lease term is shorter, typically one or two years

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the lease terms are longer, ranging up to 24 years

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the lease clauses are typically negotiable

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the lease typically requires tenant improvements to meet particular forms of usage

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An individual who receives a proprietary lease has a

leasehold interest

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less than freehold estate

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retail rental agreement

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commercial lease

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Which of the following statement describes an important feature of a commercial lease?

The lease is primarily used to lease raw land

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The lease clauses are fairly standard from one property to the next

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The lease typically prohibits tenant improvements

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The lease is usually long term ranging from 5-15 years

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Residential leases differ from commercial and other types of leases in that

residential lease terms are longer than commercial lease terms

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residential lease terms are shorter than commercial lease terms

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residential leases are generally negotiable, and commercial leases are standard

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residential leases are typically percentage leases, and commercial leases are not

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In the event of a default, the damaged party may pursue court action, including suing for all of the following EXCEPT

damages

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cancellation of the lease

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specific performance

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condemnation

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A successful suit for specific performance compels the defaulting party to perform the contract obligation that was breached. For example,

if a tenant defaults, the landlord can claim all or portions of the deposit

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if a landlord defaults in repairing the water heater, the tenant can purchase a new heater and charge the landlord for the repair

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if a landlord prohibits pets and a tenant violates this requirement, the landlord can charge the tenant a monthly fine

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if a landlord fails to replace carpeting as promised in the lease, the tenant can sue to obtain the landlord's specific performance of installing a new carpet

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In a tenancy for years, a lease may terminate for which of the following causes?

Sale of the property

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Death of the landlord

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Death of the tenant

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Foreclosure

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Identify the model law enacted as a blueprint for state laws to regulate leasing and management practices of landlords with residential properties

The Federal Fair Housing Act (FHA)

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The Department of Housing and Urban Development (HUD)

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The Uniform Residential Landlord and Tenant Act (URLTA)

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The Environmental Protection Agency (EPA)

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