Question 1

A broker leasing property for a seller for a fee is a trustee.

Accepted Answer

A) True 
 B)False

Question 2

A ____________________ eviction is one whereby a landlord evicts a tenant because of a complaint made by the tenant.

Accepted Answer

The answer of A ____________________ eviction is one whereby a...

Question 3

If a lease must be acknowledged for recording, whose signature should be acknowledged?

Accepted Answer

A)  Property manager 
B)  Lessor 
C)  Lessee 
D)  Notary public 
A)  Property manager 
B)  Lessor 
C)  Lessee 
D)  Notary public

Question 4

Upon termination of a rental contract, ownership reverts to the lessor.

Accepted Answer

A) True 
 B)False

Question 5

A(n)____________________ is the total transfer of the lessee's rights to another person.

Accepted Answer

The answer of A(n)____________________ is the total transfer of the...

Question 6

Current legal thinking with regard to owner's obligations under a residential rental contract is that

Accepted Answer

A)  if a service is not promised in writing, it will not be forthcoming. 
B)  the owner is obligated to keep the premises repaired. 
C)  the owner has an obligation only to collect the rent and pay the utilities. 
D)  only expressed agreements may be pursued in court. 
A)  if a service is not promised in writing, it will not be forthcoming. 
B)  the owner is obligated to keep the premises repaired. 
C)  the owner has an obligation only to collect the rent and pay the utilities. 
D)  only expressed agreements may be pursued in court.

Question 7

The total transfer of a tenant's rights to another person is called

Accepted Answer

A)  an option. 
B)  a sublet. 
C)  a waiver. 
D)  an assignment. 
A)  an option. 
B)  a sublet. 
C)  a waiver. 
D)  an assignment.

Question 8

Typical duties of a licensed real estate property manager include screening tenants, maintaining deposit accounts and routine maintenance.

Accepted Answer

A) True 
 B)False

Question 9

Choose the one most appropriate answer for each.
-partial transfer of rights held under a lease

Accepted Answer

A) actual eviction 
B) assignment 
C) constructive eviction 
D) contract rent 
E) CPM, RPA
F)gross lease
G)holdover tenant
H)landlord-tenant laws
I)lessee
J)lessor
K)month-to-month lease
L)net lease
M)on-site management
N)participation clause
O)percentage lease
P)rent concession
Q)security deposit
R)step-up rent
S)sublessee
T)sublet 
A) actual eviction 
B) assignment 
C) constructive eviction 
D) contract rent 
E) CPM, RPA
F)gross lease
G)holdover tenant
H)landlord-tenant laws
I)lessee
J)lessor
K)month-to-month lease
L)net lease
M)on-site management
N)participation clause
O)percentage lease
P)rent concession
Q)security deposit
R)step-up rent
S)sublessee
T)sublet

Question 10

A couple's one year lease has expired, but they continued living on the premises. If they now pay rent on a monthly basis, this type of tenancy is

Accepted Answer

A)  by the entireties. 
B)  at will. 
C)  periodic. 
D)  at sufferance. 
A)  by the entireties. 
B)  at will. 
C)  periodic. 
D)  at sufferance.

Question 11

Choose the one most appropriate answer for each.
-one who holds a tenancy at sufferance

Accepted Answer

A) actual eviction 
B) assignment 
C) constructive eviction 
D) contract rent 
E) CPM, RPA
F)gross lease
G)holdover tenant
H)landlord-tenant laws
I)lessee
J)lessor
K)month-to-month lease
L)net lease
M)on-site management
N)participation clause
O)percentage lease
P)rent concession
Q)security deposit
R)step-up rent
S)sublessee
T)sublet 
A) actual eviction 
B) assignment 
C) constructive eviction 
D) contract rent 
E) CPM, RPA
F)gross lease
G)holdover tenant
H)landlord-tenant laws
I)lessee
J)lessor
K)month-to-month lease
L)net lease
M)on-site management
N)participation clause
O)percentage lease
P)rent concession
Q)security deposit
R)step-up rent
S)sublessee
T)sublet

Question 12

The rent of a small store includes a flat amount per month plus a portion of the gross sales each month. The lease is a percentage lease.

Accepted Answer

A) True 
 B)False

Question 13

A lease takes on value when

Accepted Answer

A)  economic rent exceeds contract rent. 
B)  contract rent exceeds economic rent. 
C)  contract rent equals economic rent. 
D)  contract rent is less than economic rent. 
A)  economic rent exceeds contract rent. 
B)  contract rent exceeds economic rent. 
C)  contract rent equals economic rent. 
D)  contract rent is less than economic rent.

Question 14

Choose the one most appropriate answer for each.
-example of a periodic estate

Accepted Answer

A) actual eviction 
B) assignment 
C) constructive eviction 
D) contract rent 
E) CPM, RPA
F)gross lease
G)holdover tenant
H)landlord-tenant laws
I)lessee
J)lessor
K)month-to-month lease
L)net lease
M)on-site management
N)participation clause
O)percentage lease
P)rent concession
Q)security deposit
R)step-up rent
S)sublessee
T)sublet 
A) actual eviction 
B) assignment 
C) constructive eviction 
D) contract rent 
E) CPM, RPA
F)gross lease
G)holdover tenant
H)landlord-tenant laws
I)lessee
J)lessor
K)month-to-month lease
L)net lease
M)on-site management
N)participation clause
O)percentage lease
P)rent concession
Q)security deposit
R)step-up rent
S)sublessee
T)sublet

Question 15

A lease where the tenant pays a fixed rent and the landlord pays all property taxes is a ____________________ lease.

Accepted Answer

The answer of A lease where the tenant pays a...

Question 16

A current leasehold is an encumbrance on real property and must be honored by the buyer of the leased property.

Accepted Answer

A) True 
 B)False

Question 17

Under a net lease, the tenant pays a rate based on the net mortgage payment.

Accepted Answer

A) True 
 B)False

Question 18

If a lease were signed by a lessee who is a minor, the lease is

Accepted Answer

A)  void. 
B)  voidable by the landlord. 
C)  voidable by the tenant. 
D)  unenforceable. 
A)  void. 
B)  voidable by the landlord. 
C)  voidable by the tenant. 
D)  unenforceable.

Question 19

If a shopping center building collapsed and several of the tenants' stores could not be reopened, the effect on the tenants' leases would be

Accepted Answer

A)  actual eviction. 
B)  an act of God eviction. 
C)  a sandwich lease. 
D)  constructive eviction. 
A)  actual eviction. 
B)  an act of God eviction. 
C)  a sandwich lease. 
D)  constructive eviction.

Question 20

The designation of "certified property manager" means an IREM graduate property manager.

Accepted Answer

A) True 
 B)False

Exam 16: Real Estate Leases

A broker leasing property for a seller for a fee is a trustee.

A ____________________ eviction is one whereby a landlord evicts a tenant because of a complaint made by the tenant.

If a lease must be acknowledged for recording, whose signature should be acknowledged?

Upon termination of a rental contract, ownership reverts to the lessor.

A(n)____________________ is the total transfer of the lessee's rights to another person.

Current legal thinking with regard to owner's obligations under a residential rental contract is that

The total transfer of a tenant's rights to another person is called

Typical duties of a licensed real estate property manager include screening tenants, maintaining deposit accounts and routine maintenance.

Choose the one most appropriate answer for each. -partial transfer of rights held under a lease

A couple's one year lease has expired, but they continued living on the premises. If they now pay rent on a monthly basis, this type of tenancy is

Choose the one most appropriate answer for each. -one who holds a tenancy at sufferance

The rent of a small store includes a flat amount per month plus a portion of the gross sales each month. The lease is a percentage lease.

A lease takes on value when

Choose the one most appropriate answer for each. -example of a periodic estate

A lease where the tenant pays a fixed rent and the landlord pays all property taxes is a ____________________ lease.

A current leasehold is an encumbrance on real property and must be honored by the buyer of the leased property.

Under a net lease, the tenant pays a rate based on the net mortgage payment.

If a lease were signed by a lessee who is a minor, the lease is

If a shopping center building collapsed and several of the tenants' stores could not be reopened, the effect on the tenants' leases would be

The designation of "certified property manager" means an IREM graduate property manager.

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

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