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Reviewing a Lease

Authored by James Coupland

Other

1st Grade

Used 5+ times

Reviewing a Lease
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When does the Lease term become a problem?

Less than 70 years

Less than 80 years

Less than 90 years

Less than 60 years

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When were Prescribed Clause Leases introduced?

June 2006

July 2007

January 2008

November 2005

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do you understand by the term Alienation

Tenant can not underlet the property without the Landlord Consent

Prohibits Aliens from the property

Enforces the Tenant to pay an annual fee to the Landlord

Forfeits the Lease if the Lessee becomes bankrupt

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How would you proceed if you saw a Forfeiture in Bankruptcy Clause?

Providing the client is happy proceed to Exchange

Providing the client and Lender are happy proceed to Exchange

Obtain Indemnity Insurance at the sellers expense and proceed to Exchange

The Lease is defective and will need to be varied and Clause removed prior to Exchange

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Do we need a Mutual Enforceability Clause in the Lease?

Yes the Lenders insist on one

Providing the client and lender are happy go ahead

We need to see this Clause in the Lease for the Lease not to be defective

Only if the responsibility for insurance, maintenance and repair falls on the Tenants

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a Deed of Covenant?

Its just another way for the Landlord to make money

Means the Lessee will observe and perform the covenants in the Lease

Its the buyers agreement they consent to the Mortgage

You can not extend the Lease term without one

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the below would be considered a Restrictive Covenant?

Not at any time to keep animals or pets at the demised premises

The right to subjacent, lateral support, shelter and protection

To insure the building and common parts

Right of access over the communal and common areas

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