IL CH13 Basic Real Estate Concepts Review Questions
Terms
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A transaction in which a lessee transfers the remainder of a lease term without revision is a(n):
A. assignment
B. option to renew
C. sandwich lease
D. sublease - A. assignment
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Which of the following leaseholds has the characteristic of a termination date agredd upon by the parties?
A. periodic estate
B. estate for years
C. estate at will
D. estate at sufferance - B. estate for years
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A tenant at sufferance is:
A. the owner of a freehold estate
B. a trespasser
C. a holdover tenant
D. a lessor in possession - C. a holdover tenant
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When a lease terminates with no right to renew and the tenant fails to vacate, the tenant is holding a(n):
A. estate for years
B. estate at will
C. estate at sufferance
D. periodic estate - C. estate at sufferance
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According to the Statue of Frauds, an oral lease for five years is:
A. enforceable
B. unenforceable
C. assignable
D. renewable - B. unenforceable
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A lease with a term from January 1 to July 1 of the same year is a(n):
A. estate for years
B. estate at will
C. state at sufferance
D. periodic estate - A. estate for years
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The right of the lessee to uninterrupted use of the leased premises is called:
A. conveyance
B. quiet enjoyment
C. quiet commencement
D. letting the premises - B. quiet enjoyment
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If cost of maintenance is increasing and rents are increasing, a fixed lease arrangement for a long term is advantageous to:
A. the tenant
B. the landlord
C. both landlord and tenant
D. neither landlord nor tenant - A. the tenant
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Mr. A buys a building owned by Ms. X. Ms X has leased the building to ABC Company for seven years. Mr. A must:
A. renegotiate the lease with ABC
B. evict ABC to get possession
C. share the space with ABC
D. honor the lease agree - D. honor the lease agreement
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Which of the following lease arrangement is designed to allow the lessee to receive her capital investment from the leased property?
A. percentage lease
B. index lease
C. step-up lease
D. sale and leaseback - D. sale and leaseback
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A lease from period to period will not be terminated by:
A. mutual agreement of the lessor and leess
B. eviction by the court
C. death of the lessor
D. abandoment by lessee and acceptance by lessor - C. death of the lessor
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Paul, an 18-year-old musician, has eneterd into an oral lease for an apartment in Chicago for two years. Under the circumstances, which of the following statements is true?
A. Paul may not enter into a valid lease contract
B. Paul's lease - B. Paul's lease is not enforceable in court
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When a tenant under a valid lease gives up possession of the leased premises to the landlord prior to expiration of the lease, it is calles:
A. notation
B. abatement
C. abandonment
D. renunciation - C. abandonment
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A lease that provides for an adjustment in rent to cover the lessor's operating expense is called:
A. escalated
B. accelerated
C. sufferance
D. grosslease - A. escalated
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Under a residential lease, if the lessor does not provide habitble premises, the lessee can claim:
A. eviction
B. constructive eviction
C. habitability damages
D. mitgation of damages - B. constructive eviction
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The whitings caused considerable damage to the condominium unit they had rented. The landlord deducted a charge for the damages from the Whitings' security deposit. Which of the following statements is not TRUE?
A. the landlord cannot deduct a - A. the landlord cannot deduct a charge from the security deposit
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If a lease does not state when the rent is due, then the rent automatically will be due on:
A. on the first of the month
B. on the fifteen of the month
C. at the end of the month
D. at the end of the lease term - D. at the end of the lease term
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Louis rents an apartment in Springfield Illinois. Louis is two month behind in his rent payment. The landlord, who wishes to sue for payment must first:
A. serve Louis with a 5- or 10- day written notice demanding payment
B. terminate the - A. serve Louis with a 5- or 10- day written notice demanding payment
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A lease with a fixed low base rent plus an additional amount based upon gross receipts of the lessee is a(n):
A. percentage lease
B. gross lease
C. net lease
D. escalated lease - A. percentage lease
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The final tenant in sale and leaseback is the:
A. seller
B. buyer
C. lessor
D. mortgagor - A. seller
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Under a lease, the revionary interest is owned by the:
A. lessor
B. lessee
C. tenant for years
D. life tenant - A. lessor
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At the death of the landlord under an estate for years, the lease is:
A. terminated
B. expired
C. not affected
D. cancelled - C. not affected
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Kendra's apartment in a large apartment complex is destroyed in an explosion. Which of the following is correct?
A. Kendra's lease is terminated
B. Kendra must accept an apartment elsewhere in the complex for the remainder of her lease - A. Kendra's lease is terminated
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The Illinois Security Deposit Return Act requires the lessor of properties containing 25 or more units to pay interest on security deposits at a rate:
A. of 5 percent
B. 1.5 percentr below the 12 month average of treasury bills
C. eq - C. equal to the minimun passbook account of the largest commercial bank in Illinois
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The Illinois Lead Poisoning Prevention Act requires owners of residential units constructed before 1978 to:
A. remove all substances containing lead
B. test each unit for lead paint
C. post notices of lead paint contamination at each - D. provide tenants with a brochure concerning lead paint
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A tenant vacates his apartment during the third month of his one year lease claiming the place is uninhabitable due to the chronic lack of sufficent heat. Which of the following is TRUE?
A. the landlord has constructively evicted the tenant - A. the landlord has constructively evicted the tenant