Ch 17

To be valid, which of the following must be in writing and signed?

14 mo lease

A tenant's business has prospered and she needs an additional warehouse. She wants a 5yr lease with an escape available at the end of 2 years, and she wants to be able to stay in the building for an additional five years if her business continues to need the space. Additionally she wants protection against unexpected rent increases. Her real estate agent would look for warehouses whose owners would offer a

2yr lease with an option to renew for three years and an option for 5 more years.

Which of the following would be classified as off-site management?

Accounting

A tenant leased an apartment from the landlord under a lease which calls for a total rent of 6k for the year, but is silent as to when or in what installments the rent is to be paid. Under common law the rent will be due

At the end of the year

A person who holds the designation Systems Maintenance Administrator has completed required courses offered by the

Building Owners and Managers Institute

The institute of REM awards the designatioon

CPM certified property manager

K signed a one year lease on an apartment with a rental agency. He sublet the apartment to Z who defaulted on the sublease. Any action entered by the landlord would be against

K

W has a 5yr lease on space in an office building. After this lease was recorded in the public records, the landlord secured a new mortgage on the property, on which he later defaulted. When the lender foreclosed on the property, could W's lease be terminated by the purchaser a foreclosure?

No, because the lease was recorded prior to the mortgage.

The institute of real estate management is a

Professional property management organization

Under the terms of a one year lease the

Tenant commits to pay a full years rent, even if he vacates the premises before the year expires.

Which of the following statements is not correct with regard to the contract rent and economic rent of a property?

The contract rent and the economic rent will remain the same throughout the term of the lease

Which of the following statements regarding a leasehold estate is not true

The tenant holds a freehold estate.

Which of the following leases would be unenforceable in court, unless it were in writing

Three year commercial lease

W installed built-in bookcases in his rented apartment without the landlord's permission. All of the following statements are correct except

W fortified his security deposit by installing the bookcase without the landlord's permission

J's lease of her apartment is silent as to her right to sublet. May J sublet without the landlord's permission?

Yes, because executory contracts may be assigned unless they contain a non-assignment clause

An owner leased a building to a tenant under an agreement which gave the tenant the right to occupy the premises for two years, with an option to renew an additional one year period. in order to be enforceable must this lease be in writing and signed by the owner and the tenant?

Yes, because the lease is for a period of time in excess of one year.

All of the following are specifically designed to protect against rising operating costs Ecept

a gross lease

A tenant complained to the housing authority regarding lack of maintenance for his apartment. The landlord served the tenant with an eviction notice because of his complaints. This eviction was

a retaliatory eviction

A written lease agreement for a periodic tenancy is still legal even though it fails to include

a security deposit

A successful apartment manager needs to be all of the following except

advisor to help tenatns to manage their finances

A written lease agreement is still legal even though it fails to include

an assignment clause

A tenant has lease on a service station which is being taken by the state hwy dept under eminent domain in order to widen the highway. The state must pay compensation to

both of them

An investor who is contemplating building or buying rental housing will

capitalize the net income to determine how much to pay for the building.

The best defense against losses from uncollected rent is

careful tenant selection, good service, and a firm policy on rent collections.

Consumer protection laws and courts place the burden of upkeep and repairs of rented premises on the tenant in

commercial leases

The only way for a tenant to terminate a lease for five years is by

constructive eviction

Experience with rent controls generally indicates that rent control

creates more problem than it solves

A landlord can charge and a tenant can expect to pay for

damages to the premises by the tenant

The clause in a lease which allows a landlord to pass along to the tenant certain increases in operating expenses is called an

escalator clause

A lease for a definite period of time, which terminates when that time has expired, is called a

estate for years

A property manager can do much to establish and maintain good relations with tenants through

good communications with the tenants

A lease under which the tenant pays a fixed rent and the landlord pays all the operating expenses is a

gross lease

Under the terms of the typical ground lease, the

lessor is the fee simple owner of the land

When the tenant pays a base rent plus some or all of the operating expenses of a property the result is a

net lease

In Z's one year apartment lease, she has a clause that allows her to renew the lease for an additional year at a predetermined rent. This is called an

option clause

A lease in which the tenant pays a rent based upon the gross sales made from the rented premises is known as a

percentage lease

A lease of fixed length that continually renews itself for like period of time until the lessor or lessee acts to terminate it is a

periodic estate

To retain tenants, a property manager should of them as

permanent residents, even though turnover is expected

A lengthy tenant application form

provides a basis for checking the applicants reference.

The right of the lessee to uninterrupted use of the leased premises is called

quiet enjoyment

The least effective use of advertising money for rental housing is

radio and television advertising

The word waive means to

relinquish

Property owners can attract tenants in a soft rental market by

rent concessions

A lease which calls for specified rental increases at predetermined intervals is known as a graduated or

step up lease

State-enacted landlord-tenant laws tend to

strike for a reasonable balance between the rights and responsibilities of both parties

G had a 5yr lease on a store building which called for the landlord to provide maintenance on the property. Although he notified the landlord on several occasions of a badly leaking roof, the landlord failed to make the necessary repairs, and G had to cease his operations. At this option, G could.

terminate the lease claiming constructive eviction.

An on-site resident manager serves as a

the eyes and ears of the property management company