| A | B |
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| A fee estate subject to termination upon the occurrence of a specified event but does NOT terminate automatically, would be: | fee simple on condition subsequent |
| A freehold estate would be: | an estate in reversion |
| A grantor of a life estate has a: | reversionary interest |
| A gross lease is the type usually: | used for leasing apartment rentals |
| A lease for a definite period of time is LEAST likely to be terminated by: a surrender of the premises; expiration of its term; the death of the lessor; the foreclosure of a prior recorded mortgage | the death of the lessor |
| A lease may bbe verbal and NOT written if the lease term is less than: | one year |
| A lessor refused to sign the lease but accepted monthly rent for the lessee who had taken possesion. The: | lessee is on a periodic tenancy |
| A life estate holder purchased the interest of the remainderman. The life tenant now holds: | a fee simple |
| A person who receives a fee interest following the termination of a prior estate is called: | a remainderman |
| A person with an interest in land having the right to impose conditions on its future use has: | a fee simple interest |
| A provision in a lease provided that upon the expiration of its term the rents increase 250 percent. The purpose of this clause is to prevent: | a tenancy at sufferance |
| A situation in which the granto becomes the lessee of the grantee is known as: | sale and leaseback |
| A tenancy for years is: | a type of lease |
| A tenant stays in possession without permission of the landlord. The tenant has: | tenancy at sufferance |
| A tenant who pays rent and some or all of the ownership charges has a lease called: | a net lease |
| A verbal lease for nine months starting in 6 months would be: | unenforceable |
| A woman verbally agreed to a 6 month lease, but prior to occupancy she changed her mind. Her verbal agreement is: | enforceable |
| Alex gave a life estate to Ben based on the life of Chuck. If Ben dies, who is entitled to possession? | Ben's heirs |
| Alex gives property to Ben for Ben's lifetime, then the property passes to Chuck. This is an example of: | estate in remainder |
| An estate at will is a/an: | tenancy of uncertain duration |
| An owner of a fee simple estate gives title to his daughter, but reserves the right to occupy the property until he dies. The interest of the daughter is: | a fee simple estate |
| Bill occupies an apartment under written lease for one-year which expired May 1. He has paid his rent each month since then. In order to cancel his tenancy, landlord MUST serve tenant with: | one month notice |
| Definite duration refers to a/an: | estate for years |
| Gail leased a commercial building to Sam for 10 years. After 6 months, Sam moved out without notice. Gail advertised for a tenant. Gail's actions most likely relate to: | mitigation of damages |
| If a grantor wants to retain interest and convey the remainder to a son, how can this BEST be accomplished? | execute and deliver the deed reserving a life estate |
| If a man and his wife are the owner of real estate in joint tenancy, the kind of title or estate the wife would receive in the event of the death of her husband is: | a fee simple estate |
| If you hold a freehold estate you would hold all the following EXCEPT: an estate of inheritance; fee simple estate; life estate; an estate for years | an estate for years |
| In a net lease the lessee may pay all of the following EXCEPT:mortgage principal and interest; real property taxes; insurance; utilities | mortgage principal and interest |
| Mr. Smith is a tenant under a percentage net lease on commercial property. When the owner sells the real estate to a new buyer who plans to occupy the property, what happens to Mr. Smith's lease? | It is still binding and Smith pays his rent to the new owner under the terms of the original lease |
| Regarding a lease assignment, the: | assignee becomes primarily liable under the lease and the assignor retains secondary liability |
| Subordination of right of possession BEST describes a/an: | lease |
| Susan gives a life estate to Sally and upon the death of Sally the estate will go to Susan's grandchildren. The grandchildren's interest is a: | remainder estate |
| Tenant, Andrew's lease has expired and his landlord has indicated that Andrew may remain until the sale of the building is closed. Andrew will be charged rent for the time he occupies the building. Andrew's tenancy is called: | tenancy at will |
| The greatest possible right of ownership a person can have is: | a fee simple estate |
| The landlord under a lease: | subordinates his/her interest |
| The lessee MOST likely pays for fire insurance under a: | triple net lease |
| The owner of a property with a condition subsequent has: | a defeasible estate |
| The ownership of a parcel of land as long as it is used as a church site is known as a: | determinable fee |
| The relationship of the assignee to the original lessor is one of: | tenancy |
| To provide protection against inflation a lessor most likely would want the inclusin of a lease clause relating to: | The CPI |
| Under an assignment of a lease, the assignor becomes: | secondarily responsible for payment of rent |
| Upon the expiration of the lease, the lessor received the complete Bundle of Rights by | reversion |
| What is the advantage to the lessee ina commercial sale/leaseback? | deductibility of rent |
| What type of lease is best for a commercial tenant during an inflationary period? | a gross lease |
| When economic rent exceeds contract rent, an economic decision of the lessee would be to: | sublet |
| When the word fee is used in connection with ownership of real property, it refers to: | an estate of inheritance |
| Which of the following is NOT a characteristic of a fee simple estate? of indefinite duration; free of encumrances; transferable with or without consideration; transferable by will or intestate succession | free of encumberances |
| Which of the following is a freehold interest? life estate; estate for years; estate at will; periodic tenancy | lfe estate |
| Which of the following CANNOT be owned in fee simple? condominium; property owned as tenants in common; property owned as a joint tenant; leasehold rights | leasehold rights |
| Which of the following contracts does NOT have to be in writing to be enforceable? promise to pay a debt of another person; one year lease starting immediately; 6 months lease starting in 7 months; contract for sale of real property valued at less than $500 | one year lease starting immediately |
