PRACTICE TEST

Which of the following lists the essential elements of an enforceable contract? a. acceptance, consideration, performance, lawful object b. lawful object, competency, mutual consent, consideration c. tender, consideration, deposit, performance d. execution, consideration, mutuality, competence

lawful object, competency, mutual consent, consideration

A person who had leased a property for 3 years had to move out of state before the lease period had expired. In reading the lease, there was no mention of either subleasing or assignment of the leasehold. The lease: a. may sublease or assign the lease b. may assign the lease only c. must have the permission of the landlord to either sublease or assign the lease d. the lessee may not either sublease or assign the lease

may sublease or assign the lease (only because there was NO MENTION of sub or assign)

A tenant signs a lease that stipulate that the lease pays the property tax. this lease is probably a: a. standard lease b. sandwich lease c. net lease d. reverse lease

net lease

A lease where the rent is based on a percentage of the monthly or annual gross sales of the lessee is called a: a. gross lease b. sandwich lease c. net lease d. percentage lease

percentage lease

a 17 year old enemancipated minor enters into a contract to sell real property. the contract is: a. enforceable b. valid c. illegal d. unenforceable

unenforceable

Which type of lease requires the lease to pay a flat rent? a. gross lease b. percentage of lease c. sandwich lease d. net lease

Gross lease

By conveying less than his fee estate, the grantor retains a: A. reversionary interest B. remainder interest C. Reversionary right D. Future interest

Reversionary Interest

All of the following are considered less-than-freehold estates except: A. an estate for years B. a life estate C. a periodic tenancy D. an estate at sufferance

A life estate