Chapter 4 - Quiz

Where one is either by force or by process of law, actually put out of possession is known as what...?

Actual Eviction

A lease which provides for a graduated change at stated intervals in the amount of the rent to be paid is known as what...?

Graduated Lease

The interest or estate which a lessee of real estate has therein by virtue of the lessee's lease is known as what...?

Leasehold Estate

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...?

Net Lease

The right of an owner or a person legally in possession to the use of property without interference of possession is known as what...?

Quiet Enjoyment

At what rent amount do rent controlled apartments become destabilized, thus allowing landlords to charge market rents...?

2000

Which of the following is NOT considered an essential element of a valid contract...?

All signatures must be notarized

The method or manner by which a right or contract is transferred from one person to another is known as what...?

Assignment

This means "let the buyer beware"...?

Caveat Emptor

Use provisions are typically found in what type of leases...?

Commercial leases

Which of the following is an essential element of a valid contract...?

Competent parties

Anything given to induce another to enter into a contract such as money or personal services is known as what...?

Consideration

Any disturbance of the tenant's possession of the leased premises by the landlord whereby the premises is rendered unfit or unsuitable for the purpose for which they were leased is known as what...?

Constructive Eviction

The warranty of habitability, offered in a standard lease, may be violated by this type of eviction..?

Constructive eviction

A provision in a contract that requires the occurrence of a specific event before the contract can be completed is known as what...?

Contingency

A type of offer made in response to another offer, which was seen as unacceptable is known as what...?

Counteroffer

Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property is known as what...?

Covenant

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...?

Down Payment

An agreement that has been fully performed is known as what...?

Executed Contract

A contract which has not yet been fully performed is known as what...?

Executory Contract

A special agreement between the lender and the borrower to delay a foreclosure is known as what...?

Forbearance

A lease of property whereby the lessor is to meet all property charges regularly incurred through ownership is known as what...?

Gross Lease

A tenant who remains in possession of leased property after the expiration of the lease term is known as what...?

Holdover Tenant

A lease tied to an index such as the consumer price index is known as what...?

Index Lease

Which of the following is NOT an example of a contract that may affect agents or brokers...?

Inventory Agreements

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...?

Land Lease

A contract whereby, for a consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will is known as what...?

Lease

Which of the following is an example of a contract that will most likely affect agents or brokers...?

Leases

A person to whom property is rented under a lease is known as the...?

Lessee

One who rents property to another under a lease is known as the...?

Lessor

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...?

Liquidated Damages

A clause in a contract that states a mortgage must be obtained in order for the contract to be binding is known as what...?

Mortgage Contingency Clause

Which of the following is NOT an essential element of a valid contract...?

Must be a US citizen

The act of either: 1) replacing an obligation to perform with a new obligation; or 2) adding an obligation to perform; or 3) replacing a party to an agreement with a new party is known as what...?

Novation

A clause in a lease that outlines the terms for renewing or extending an original lease agreement is known as what...?

Option to Renew

A lease of property in which the rental is based upon the percentage of the volume of sales made upon the leased premises is known as what...?

Percentage Lease

This type of leasehold estate automatically renews...?

Periodic Estate

Also known as a tenancy from year to year, month to month, or week to week, this is an estate that exists for some period of time determined by the term of the payment of rent...?

Periodic Lease

A written instrument duly signed and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument is known as what...?

Power of Attorney

The right of an individual involved in a contract to return to a state identical to that before they entered into the agreement, due to courts not recognizing the contract as legally binding is known as what...?

Rescission

Which of the following is also known as an addendum...?

Rider

A contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into the transaction with a third party is known as what...?

Right of First Refusal

A monetary deposit given to a lender, seller or landlord as proof of intent is known as what...?

Security Deposit

Which of the following is an illegal means of eviction in New York State...?

Self-help eviction

Who typically prepares the contract in the sale of a home...?

Seller's attorney

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...?

Specific Performance

Who must provide consent when a tenant assigns his/her lease....?

The landlord

A lease in which the tenant or lessee is responsible for paying a portion of or all of the common expenses related to real estate ownership, in addition to base rent, is known as what...?

Triple Net Lease

A standard set of business laws that regulate financial contracts is known as what...?

Uniform Commercial Code

When is a landlord required to keep a security deposit in a separate bank account...?

When the building is 6 units or more