Real Estate 9

Periodic Tenancy (Estate from Year to Year)

-automatically renews until either party terminates the lease -can be week to week, month to month, year to year

which of the following is a true statement about early release termination? -all

-landlords can give tenants the right to terminate the lease early. this right is document in se 12 -if the tenant is called to active military duty, special provisions apply -sec 13 addresses situations when the landlord may need to terminate the lease early. if this right is exercised, the tenant may be owed compensation under the agreement

which of the following types of routine maintenance are tenants typically responsible for completing? all

-replacing burned out light bulbs -dealing with clogged plumbing -making sure smoke detectors work

what should a landlord include in a lease provision about pets?

-what types of pets are allowed -how many pets are allowed -and additional security deposit requirement for pet damage

generally under he lease for residential property agreement a "guest" is someone who visits for ---- consecutive days or fewer, or ---- non consecutive days or fewer in a 12 month period

14 days, 28 days

for any utilities that the tenant is resonsible for under sec 11 of the lease agreement, how many banking days after the start of the lease does the tenant have to arrange to connect and pay for such utilities -3 days -10 days -20 days -30 days

3 days

Estate for years (tenancy for years)

A leasehold with a specific starting and ending date. It does not renew but can be renewed for another term.

Which of the following is a true statement about early lease termination? -All of these statements are true. -Landlords can give tenants the right to terminate the lease early. This right is documented in section 12. -If the tenant is called to active military duty, special provisions apply. -Section 13 addresses situations when the landlord may need to terminate the lease early. If this right is exercised, the tenant may be owed compensation under the agreement.

ALL

Which of these is an example of a graduated lease? -All of the answer choices provided are correct -Rent is adjusted annually based on CPI -Rent is adjusted every 5 years based on appraised value -Rent goes up by scheduled amounts, spelled out in the lease

ALL

When the lessee (tenant) signs the lease, what contract element is satisfied?

Acceptance the tenants signature means they have accepted the contract. the offer is made by the landlord when the contract is drafted. Consideration refers to something of value, which will be the rent specified in the lease. legal capacity is the minimum age requirement to enter into a contract which is 18 yrs old.

Which of the following are exceptions to the landlord's obligation to provide a habitable dwelling unit? -All of the answer choices provided are correct -The property was destroyed by a tornado -The tenant's malicious acts damaged the property -The tenant's irresponsible acts damaged the property

All

Estate at sufferance (tenancy of sufferance)

An estate arising when the tenant wrongfully holds over after the expiration of his term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the conditions of the tenant's previous holding.

Lease contracts are used for...?

Both commercial and residential real estate

Sec 18 of the Lease for Residential Property Agreement addresses which party is responsible for lawn care and other exterior maintenance, including---?

Driveways, walkways, and grounds

who can terminate an estate at will

Either the landlord or the tenant, or both of them

if a tenant does not vacate the property at the end of the lease, they are said to be ---?

Holding Over

what is another term for an estate at sufferance?

Holdover tenancy

what is the term for a legal contract created when a property owner enters into an agreement with a tenant, giving the tenant the right to occupy and use real property, subject to terms and conditions?

Lease

when specific improvement provisions are included in a lease, giving the tenant the right to improve the property, they are sometimes referred to as ---?

Leasehold improvements

what type of lease gives a lessee the rights to oil and gas under the lessor's land?

Oil & gas lease (only includes mineral rights)

One element of any type of legal contract is "consideration". In the context of a lease, what is the consideration?

Rent

If a one-year lease begins on October 1, 2017, when does it end?

Sep 30. 2018

who must sign a lease to make it valid?

The tenant and the landlord, or their authorized agent

double net lease

The tenant is responsible for rent, taxes, and insurance

What is URLTA?

Uniform Residential Landlord and Tenant Act

Can a tenant make improvements to leased property?

Yes, with the landlord's permission.

gross lease

a lease in which the landlord pays all costs of operating and maintaining the property and real property taxes most residential leases are gross leases tenant pays: monthly rent

Percentage lease

a lease in which the rental amt is a combination of a fixed amt plus a percentage of the tenants gross sales commonly used with retail tenants

Net lease

a lease in which the tenant pays a fixed amt of rent plus the costs of operating the property tenant pays: monthly rent, utilities, taxes, insurance, and maintenance commonly used in office buildings

Sec 8 of the lease for Residential Property Agreement addresses pets. If a landlord decides to accept pets, what else is required under the agreement?

a separate Pet Exhibit

Under an estate at sufferance, the landlord could go to court to have a trespassing tenant evicted. What is another possible remedy?

accept the tenant for another similar lease term

How can an estate at will be terminated? -the landlord transfers or sells the property to someone else -all -the landlord dies -the tenant dies

all

The landlord must provide the tenant with a damage report, documenting damage existing on the move-in date. Which of the following is a true statement? -All of these statements are true. -Both the landlord and tenant must sign the report. -The tenant has the right to inspect the property before taking possession. -When they move out, tenants may be responsible for damage not noted on the move-in damage report.

all

the Georgia Lease for Residential Property includes provisions for which of the following special fees? -fees for unauthorized pets -fees for unauthorized smoking -fees for unauthorized disconnection of utilities

all

under which of the following circumstances may a tenant be in default of their lease agreement? -tenant files bankruptcy -tenant moves out of the property before the end of the lease -tenant doesnt pay rent on time as agreed

all

under which of the following scenarios is a landlord generally entitled to enter a leased premises? -all -to conduct required inspections -to make repairs -to show the unit to prospective tenants

all

which of the following are provisions of teh Uniform Residential Landlord and Tenant Act? -the landlord's right to enter leased property -landlord's right to maintain leased property -all -remedies for tenants if landlord defaults on their obligation

all

what should a landlord include in a lease provision about pets -all of the answer choices provided are correct - what types of animals are allowed -how many animals are allowed -an additional security deposit requirement for pet damage

all of the answer choices are correct

Estate at Will (Tenancy at Will)

an estate at will does not have a set term period, it is open ended -ends when either party terminates the lease.

When a tenant signs over their rights and responsibilities to someone else, effectively terminating their own involvement in the lease, they have?

assigned the lease

which of the following is not a requirement to create the legal capacity to sign a lease? -at least 21 yrs old -at least 18 yrs old -legally authorized to sign -mentally competent to sign

at least 21 years old because the legal capacity to sign a contract

lease contracts are used for -----? -both commercial and residential estate -only commercial -only residential -only fractional ownership real estate

both commercial and residential real estate

which of the following is not likely to be included in the amt a tenant pays for rent? -Court costs associated with eviction proceedings -Assigned parking spot -Storage space in another part of the building -Utilities

court costs associated with eviction proceedings

When the original lease between the landlord and tenant remains in effect, but the tenant enters into their own lease agreement with someone else for the same space, the tenant has?

created a sublease

If a tenant agrees to pay rent, property taxes and insurance premiums, what type of lease do they have?

double net lease

what type of leasehold estate exists when a tenant didn't renew their lease but didnt move out when the lease ended? -estate at sufferance -estate for years -periodic estate -estate at will

estate at sufferance

what type of lease hold estate is created if a lease is for a definite limited period of time?

estate for years

which of the following is not a requirement of a lease contract?

eviction clause

with this type of lease the rend payments go up periodically on a predefined bases?

graduated lease

under this type of lease, the landlord is responsible for paying all of the costs of operating and maintaining the property, including real estate taxes? -gross lease -net lease -percentage lease -graduated lease

gross lease

if a tenant does not vacate the property at the end of the lease, they are said to be---?

holding over

what is another term for an estate at sufferance? -Holdover tenancy -fixed term tenancy -tenancy for years -month to month tenancy

holdover tenancy: occupies a property as an estate at sufferance

which of these pieces of information would you probably not find in an oil and gas lease? -How much the lessor will pay the lessee -Description of the property -How much the lessee will pay the lessor -How long the lease will remain in force

how much the lessor will pay the lessee

which of these tenants is least likely to want to enter into a ground lease? -grocery store chain -retail mega store -independent insurance agent -fast food chain

independent insurance agent long term tenants will most likely enter into a ground lease. an independent contractor including an insurance agent do not need long term leases

what is the term for the tenant in a leasehold estate? -lessee -lessor -life tenant -per autre vie tenant

lessee

what is another term for the landlord in a leasehold estate?

lessor

which of the following is an example of a periodic estate? -month to month lease -one year lease -five year lease -no formal lease

month to month does not have a termination date. it continuously renews from period to period such as month to month or year to year

under this type of lease, the tenant is responsible for base rent plus additional expenses like taxes, insurance and maintenance? -gross lease -net lease -percentage lease -graduated lease

net lease

under which of the following circumstances can a landlord be absolved of their responsibility to provide a habitable dwelling unit? -the tenant signed away the requirement through the lease -the tenant inspected the unit before moving in and didnt find anthing wrong -the landlord inspected the unit before moving in and didnt find anything wrong -none of these

none

Which of the following is typically the tenant's obligation under the Lease for Residential Property Agreement? -Notifying the landlord when repairs are needed. -Fixing septic tank problems. -Arranging and paying for repairs. -Replacing worn-out appliances.

notifying the landlord when repairs are needed

with this type of lease the landlord negotiates to receive compensation based on a commercial tenants sales in the leased space?

percentage lease

When the lease in an estate for years ends, what type of leasehold estate exists? -periodic estate -it is still an estate at years -estate at will -estate at sufferance

periodic estate

what type of leasehold estate specifies a rental period but no predefined end date for the lease?

periodic estate

a leasehold estate is considered to be a --?

personal property interest

when someone contracts with a property owner to lease real estate from them, one of the benefits they are getting is the right to possess the unit or parcel being leased. This is known as the right of--? -first refusal -quiet enjoyment -accommodation -possession

possession

in addition to paying rent, which of these expenses is the tenant responsible for paying in a double net lease?

property insurance and property taxes

when a commercial tenant in a strip mall signs a double net lease, how is the amt of property taxes and insurance they pay calculated?

prorated based on the size of the space they are renting

which of the following is not a type of net lease? -single -double -triple -quadruple

quadruple

sec 4 in Part c of the lease residential property agreement lets tenants knw that they are responsible for their own personal property and that they store it at the leased property at their own risk. what type of insurance does the agreement suggest tenants purchase?

renters insurance

which of the following repairs is the landlord not required to make under the covenant of habitability? -fix or replace a broken water heater -fix a broken lock on the front door -fix wiring to comply with safety codes -repair a tenants intentional damage to a wall

repair the damage to a wall

what term best describes money a tenant pays up front but gets back at the end of the lease term if the property is returned in substantially the same condition?

security deposit

Landlord Tenant Law is primarily governed by ---?

state law

a lease includes a provision saying a tenant who needs to break their lease can find someone else to take over the remainder of the lease. what is the term for this?

sublease

what does a leasehold estate entitle a tenant to do?

temporarily possess, occupy, and use real estate

single net lease

tenant pays rent and property taxes

if a tenant defaults on their lease obligations, the landlord may--?

terminate the lease and pursue legal remedies in court

when a landlord leases space to a tenant, the landlord is expected to take whatever action is necessary, at the landlord's expense, to provide a habitable dwelling unit. this is aka---?

the covenant of habitability

possession of property under a lease entitles the tenant to the lawful right to possess the land and says the landlord cannot substantially interfere. what is this right aka---?

the covenant of quiet enjoyment (the right to occupy a property without interference. this right also exists in a freehold estate)

what is the usual effect of an estate at will tenant committing waste against the property (whether intentional or not)--?

the estate at will is terminated

if a tenant is late with their rent and the landlord initiates eviction proceedings, what happens if the tenant pays their overdue rent?

the landlord may choose to accept the late rent and stop eviction but is not required to do so

if the language of an estate at will lease says tenancy continues at the will or desire of the tenant, under what circumstances can the landlord terminate the lease? -the landlord may not be able to terminate the lease -the tenant does not pay rent -the tenant damages the property -the tenant violates a "no pets" provision of the lease

the landlord may not be able to terminate the lease an estate at will lasts for an indefinite period of time.

When an oil and gas lease is set to expire, but drilling is underway, what usually happens?

the lease will remain in effect

Under a sublease, who is responsible for making rent payments every month?

the original tenant - in a sublease, the original tenant is still responsible for the new tenant.

which party or parties can transfer their rights under the GA "Lease for Residential Property Agreement"?

the property owner/landlord (the tenants rights in the leased property is not transferable to anyone else, however the landlord's rights may be assigned to the new owner if the landlord sells the property during the terms of the lease)

what is the most common cause of breaching a lease?

the rent isnt paid as agreed

one benefit of using a "confession of judgement" provision in a commercial lease is that---? -the tenant has waived their right to notices and court hearings -the landlord must go to court to evict non paying tenant -a tenant can only be evicted through a court judgement -its harder and more expensive for a landlord to evict a tenant

the tenant has waived the right to notices and court hearings a confession of judgement is a written agreement, signed by the tenant that accepts the liability and amt of damages that was agreed on. a confession of judgement is a way to circumvent normal court proceedings and avoid a lengthy legal process to resolve a dispute. signing such a confession forfeits any of the rights the tenant has to dispute a claim in the future.

if a property owner does not give the tenant possession of the property by the end of the "delay" provision specified in the lease, ---? -the tenant may cancel the lease without penalty -the landlord has an additional ten days to grant possession -the tenant does not owe any rent for the first month of occupancy -the tenant may cancel the lease but must pay the landlord a 10% penalty

the tenant may cancel the lease without penalty

triple net lease

the tenant pays for rent, taxes, insurance, and maintenance

which of the following is not documented in sec 3 of the lease for the Residential Property Agreement ("RENT") -the tenants back account number -the amt of rent -when rent is considered late -acceptable methods of paying rent

the tenants back acct number