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What is an Option?
An option is a written agreement stating that the buyer shall have the right to purchase the property at a fixed price within a certain time
Does an option bind the optionee to perform?
What is a leasehold estate known as?
Personal property or chattle real
What is an estate for years?
It is a lease that is agreed between the landlord and tenant for a period less than a year
If a tenant does not sign a lease can it be enforced?
Yes, as the tenant can be bound by their actions.
When a tenant remains in possession after the expiration of a lease what is this called?
An estate of sufferance
Who is the lessor in a lease?
Who is the lessee in a lease?
What is the term used when a lessee transfers the complete leasehold interest in a property?
If the lease does not prohibit it, may a tenant transfer all or a portion of his rights and interests in a leasehold estate?
What is the term for a transfer of rights to a portion of the premises or for a period of time less than that remaining on the lease?
In a sublease, does the original tenant remain liable to the landlord?
Yes . for all obligations under the lease and for all acts and omission committed by the sub-tenant
If a lease that is signed and delivered by the landlord, but not signed by the tenant enforceable?
What four things make a lease valid?
- Length of time
- Amount of rent
- Names of the parties
- Description of the property
How many months security deposit may a landlord request for an unfurnished and furnished leasehold?
- Unfurnished- 2 Months
- Furnished - 3 Months
What does quiet enjoyment mean?
It means possession without disturbance by the holder of paramount title
What happens to the contract if a landlord is guilty of menace and threats against a tenant.
The contract or lease is voidable by the tenant
What action would a landlord pursue in order to remove a defaulting tenant form possession of the premises?
An unlawful detainer action
When a tenant lawfully abandons the lease what is this called?
What does it include?
- Constructive eviction. making necessary repairs or
- making unwarranted and extensive alterations
- actual eviction
- condemnation through eminent domain
When a tenant voluntarily relinquishes possession of a leased property with no intention of fulfilling the terms of the leased property what is this called?
When a lessee or tenant agrees to pay a new owner what is this called?
How long does a buyer have to sue a seller for non-disclosure?
What kind of listing would a seller use to list with more than one broker?
An open listing
In an exclusive agency listing where the seller finds the buyer is a commission required?
How is rent determined on a percentage lease?
The amount of rent is based on the gross sales of the business
Is a net listing a unilateral contact?
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