Leasing and Property management

A tenant illegally stayed past the expiration date on a lease agreement. This would be called a:

tenancy at sufferance

A tenant was in possession of leased property. The landlord gave a written notice to the tenant to quit. The tenant, however, remained in the property and continued to send rent payments to the landlord. The landlord refused to accept the rent checks. This situation would be described as a:

tenancy at sufferance

A property manager generally does all EXCEPT:

give legal advice

A buyer was moving to a city. The buyer wanted to wait a little while and look around the city before purchasing a home. In the meantime, the buyer wanted to just rent. The best thing for this buyer would be a:

month-to-month lease

When a tenant pays taxes and insurance in addition to normal rent, this would be called a:

net lease

Which of the following duties BEST describes the duty of a property manager to the owner?

Fiduciary

What is the main difference between a freehold estate and a non-freehold estate?

A freehold estate always involves ownership

What is used to describe the right of the lessor to reclaim a property once a lease expires?

Reversion

If a tenant stays over without the landlord's permission, this is called:

Estate at sufferance

A broker acting as a property manager usually indicates which type of agency?

General

A tenant signs a three-year lease with a landlord. The landlord dies with the heirs inheriting the rental property. The heirs then sold the rental property to a new owner. The new owner would like to terminate the tenant's lease. Can the new owner do so?

No, the lease is still valid for the remainder of the term

A commercial tenant leased a commercial space from a landlord. The tenant operated a grocery store on the premises. Which of the following statements would be true if the landlord died?

The heirs have to honor the lease as it runs with the land

A person builds a building on ground that is leased from a land owner. Which of the following statements would be correct concerning this situation?

When the lease expires, the land owner would own the building

A property manager's two main objectives are to maintain the value of the property and:

generate and produce income from the property

An agreement between a property owner and a property manager detailing the managers responsibilities in managing the property would be called a(n):

property management agreement

A property manager is contemplating renting a space to a tenant with a mental disability. The manager is worried about this tenant posing a threat to the other tenants in the building. Under federal guidelines, what should the property manager do?

Inform the property owner if the manager suspects any problems

The property management agreement is between the property manager and:

The property owner