CHAPTER 4 QUIZ

This is a term that denotes that the seller is selling, and the buyer is buying a property in whatever condition it presently exists...?

"As-is"

A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party is referred to as what...?

"Time is of the essence"

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

Actual Eviction

A latin term that means "let him beware" is also known as what...?

Caveat

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

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

This type of leasehold estate lasts for a specified period of time and does NOT renew automatically...?

Estate for Years

A legal proceeding by a lessor landlord to recover possession of real property is known as what...?

Eviction

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

Executory Contract

Which of the following expenses is NOT included in a net lease...?

Facade Maintenance

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

Holdover Tenant

An agreement created by actions of the parties involved, but it is not written or spoken is known as what...?

Implied Contract

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

Index Lease

What is the landlord required to do with a security deposit if the building is greater than 6 units...?

Keep the deposit in a separate bank account

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

Prior to terminating an estate at will, what is the landlord or tenant required to provide to the other party...?

Notice

The expression of an offer to contract on certain terms by one person to another person, and an indication by the offeree of its acceptance of those terms is known as what...?

Offer and Acceptance

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

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

Which of the following is NOT a document needed to prepare a contract...?

Property floor plans

A statute barring all right of action after a certain period of time from the time when a cause of action first arises is known as what...?

Statute of Limitation

Which of the following is NOT a standard requirement found in a lease agreement...?

Tenant must be employed with a full-time job

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

Uniform Commercial Code