RE Cpt 4D

A type of offer made in response to another offer, which was seen as unacceptable is known as what...? A. Counteroffer B. Contrary Offer C. Converse Offer D. Consideration

A

An order of a court which requires a party to perform a specific act, usually what is stated in a contract, is known as what...? A. Specific Performance B. Prerequisite C. Specific Condition D. Obligation

A

How do State statutes regulate rent controlled apartments...? A. The State limits the amount of rent increases each year B. The State limits the number of tenants per unit C. The State demands unit upgrades when tenants move out D. The State limits the number of years a tenant can live in a rent controlled apartment

A

How old must a tenant be in order to enter into a lease agreement with a landlord...? A. 18 years old B. 20 years old C. 16 years old D. 21 years old

A

When is a landlord required to keep a security deposit in a separate bank account...? A. When the building is 6 units or more B. When the deposit is greater than $2,000 C. When the building is 10 units or more D. When the deposit is greater than $500

A

Which of the following is NOT an example of a valid contract...? A. Letter of Intent B. Option C. Lease D. Purchase and Sale Agreement

A

A lease tied to an index such as the consumer price index is known as what...? A. Triple Net Lease B. Index Lease C. Net Lease D. Gross Lease

B

Anything given to induce another to enter into a contract such as money or personal services is known as what...? A. Down Payment B. Consideration C. Contingency D. Deposit

B

The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan is known as what...? A. Option Payment B. Down Payment C. Earnest Money D. Hard Money

B

The right of an owner or a person legally in possession to the use of property without interference of possession is known as what...? A. Satisfaction B. Quiet Enjoyment C. Right to Recreation D. Relaxation

B

Which of the following is NOT an essential element of a valid contract...? A. Consideration B. Must be a US citizen C. Lawful objective D. Competent parties

B

A clause in a contract that states a mortgage must be obtained in order for the contract to be binding is known as what...? A. Commitment Clause B. Attorney Review Clause C. Mortgage Contingency Clause D. Rider

C

A lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent is known as what...? A. Graduated Lease B. Index Lease C. Land Lease D. Gross Lease

C

A tenant who remains in possession of leased property after the expiration of the lease term is known as what...? A. Remainderman B. Sub-lessee C. Holdover Tenant D. Evicted Tenant

C

One who rents property to another under a lease is known as the...? A. Tenant B. Landlord C. Lessor D. Lessee

C

The interest or estate which a lessee of real estate has therein by virtue of the lessee's lease is known as what...? A. Mortgage B. Option C. Leasehold Estate D. Sublease

C

This means "let the buyer beware"...? A. Heed B. "As-is" C. Caveat Emptor D. Full Disclosure

C

Where one is either by force or by process of law, actually put out of possession is known as what...? A. Actual Notice B. Constructive Eviction C. Actual Eviction D. Disposal

C

Which of the following is a tenant NOT entitled to in a typical lease agreement...? A. Quiet enjoyment B. Habitability C. Yearly upgrades to interior finishes D. Apartment sharing

C

Which of the following is an essential element of a valid contract...? A. All signatures must be notarized B. Must be a US citizen C. Competent parties D. Must be recorded

C

A down payment made by a purchaser of real estate as evidence of good faith is known as what...? A. Hard Money B. Commitment C. Consideration D. Earnest Money Deposit

D

A lease of property whereby the lessor is to meet all property charges regularly incurred through ownership is known as what...? A. Land Lease B. Single Net Lease C. Graduated Lease D. Gross Lease

D

A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner is known as what...? A. Index Lease B. Leasehold Estate C. Graduated Lease D. Net Lease

D

A legal proceeding by a lessor landlord to recover possession of real property is known as what...? A. Dismissal B. Ejection C. Disposition D. Eviction

D

A provision in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach of contract is known as what...? A. Hard Money B. Earnest Money C. Novation D. Liquidated Damages

D

An arrangement in which the lessee (tenant) in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant is known as what...? A. Gross Lease B. Lease C. Graduated Lease D. Sublease

D

The warranty of habitability, offered in a standard lease, may be violated by this type of eviction..? A. Court petitioned eviction B. Self-help eviction C. Actual eviction D. Constructive eviction

D

Which of the following is NOT a means by which one can terminate a lease...? A. 30 day notice B. Lease term ends C. Actual eviction D. Self-help eviction

D

Which of the following is a tenant NOT entitled to in a typical lease...? A. Apartment sharing B. The ability to assign or sublet C. Quiet enjoyment D. One month of free rent

D