Real Estate Chapter 16

When establishing the length of service terms, she understands that…?

• Length of service terms are flexible, and she must consider both her income and the owners' financial goals.

• She should establish terms that correspond to semester length, even if renting to non-students.

• The local college has the final say about management agreement terms.

• Local governing bodies typically set term boundaries.

What is the term for a legal contract created when a property owner enters into an agreement with a tenant, giving the tenant the right to occupy and use real property, subject to terms and conditions?

• Lease

• Easement

• Encroachment

• Life estate

Lease contracts are used for…?

• Both commercial and residential real estate

• Only commercial real estate

• Only residential real estate

• Only fractional ownership real estate

Which of the following is not an example of a common lease restriction?

• Restricted access hours to the leased unit

• Occupancy limits

• Provision about pets

• Restriction on commercial activities

Which of the following is not something a lease automatically gives a tenant the right to do?

• Sublease the property

• Occupy the property

• Possess the property

• Use the property

True or False: If a lease does not specify any restrictions, the tenant can use the leased space for any lawful purpose?

• True. If no restrictions are specified, the tenant can use the property for any lawful purpose.

• False. Tenants may only possess, use, and occupy leased space.

• True. Tenants may also use the space for unlawful activities, if the lease does not specify otherwise.

• False. Tenants in a residential lease can never use leased space for commercial purposes.

What should a landlord include in a lease provision about pets?

• All of the answer choices provided are correct

• What types of animals are allowed

• How many animals are allowed

• An additional security deposit requirement for pet damage

Who is responsible for making sure local ordinances about occupancy controls are met when a property owner leases space to a tenant?

• Property owner/landlord

• Tenant

• City government officials

• Both the property owner and the tenant

When a landlord leases space to a tenant, the landlord is expected to take whatever action is necessary, at the landlord's expense, to provide a habitable dwelling unit. This is also known as?

• The covenant of habitability

• The covenant of quiet enjoyment

• The covenant of constructive eviction

• The covenant of reasonable accommodation

What is the most common cause for breaching a lease?

• The rent isn't paid as agreed

• The tenant engaged in criminal activity

• The landlord didn't provide a habitable dwelling

• The property was destroyed by natural forces