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Chapter 7 Quiz
Terms in this set (14)
Like all contracts, when a lease is delivered and accepted it becomes _____.
The covenant of quiet enjoyment provides the tenant with
The right of exclusive possession of the property during the period of the lease.
The purpose of the security deposit in a lease agreement is to
Protect the lessor
A tenancy from period to period
is of an indefinite duration.
What type of lease typically has the longest duration?
A tenancy for a stated period
Expires at the end of the stated term.
Ed's Fur pays rental payments of $1,200 per month plus 1.5 percent of gross sales over $18,000. What will Ed's payment be when sales are $26,000 per month?
A lease of property used for commercial purposes under which the rent payments are based on some percentage of sales made on the premises is called a
Which of the following would you not expect to find among the elements of a lease?
Names of the grantor and grantee
A lease in which the tenant is obligated to pay for operating expenses for the property (such as utility bulls) in addition to rent is called a(n)
A tenancy at will:
May be terminated by either party at any time with proper notice
Valid real estate leases do NOT require
A complete legal description of the property
As a tenant, you want to turn over all the rights and responsibilities of your unexpired lease to a new tenant. By doing so, you are:
A graduated rent lease has scheduled payments of $10,000 per year for the first two years, with 6% increases for the remaining three years. What will the lease payment be for the fourth year?
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