Lesson 5 Quiz: Real Estate Leases

Any residential lease executed (handled) by a real estate agent or broker must provide:

Both A reference to the web site listing registered sex offenders A mold information pamphlet

The lease may obligate either the Lessee or Lessor to execute a(n) _____________________ if requested. This is usually done in the form of a letter or other document that certifies to the other party (or the lender) that the lease is not in default.

Estoppel Certificate

Which of the following sttements best describes the use of oral leases in Louisiana?

Leases may be entered into orally; however, an oral lease does not affect third parties.

Standard commercial lease agreements typically contain a clause providing for a "Subordination, Non-Disturbance and Attornment Agreement" (SNDA). This agreement provides the Lessor, Lessee, and lender with several assurances. One of these assurances is that so long as Lessee is not in default of the lease, lender and other third parties agree to maintain Lessee in peaceable possession of the leased premises under the same terms as the lease. This is known as:

Non-Disturbance

Louisiana Revised Statute 9:3251 governs deposits made in residential leases. Under that statute, the Lessor must return the deposit to the Lessee within ______ after the lease terminates.

One month

When the Lessee remains in possession of the premises after the expiration of a fixed term and without notice to vacate the lease is considered to be:

Reconducted

Any active or reserve member of the armed forces of the United States, including the National Guard and the United States Coast Guard, may terminate his residential lease agreement if any of the following occur EXCEPT:

The member gets divorced and can no longer afford the rent.

Which of the following statements is correct regarding an assignment of a lease by a lessee?

Unless prohibited by the lease, the original lessee is relieved of any further obligations in the lease.

When the leased property is to be used for business purposes, the lease is considered to be:

commercial

TRUE or FALSE: The Lessor can not include charges or fees for the maintenance and repair of common areas as part of the lease agreement.

false

Typically, residential leases are not recorded because

of their short duration.

If the Lessor does retain any portion of the deposit, the Lessor must forward to the Lessee within ______ month(s) after the lease terminates, an itemized statement accounting for the proceeds and giving reasons for retaining any of the deposit as well as returning any sums not retained.

one

Louisiana law dictates that the Lessor must return the deposit to the Lessee within ______ month(s) after the lease terminates.

one

If the property is totally lost, destroyed or expropriated then the lease:

terminates.

Many leases provide that the rent for the renewal periods will be determined by all of the following except:

the real estate broker