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