Brokers Exam

  1. 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
  2. Does an option bind the optionee to perform?
  3. What is a leasehold estate known as?
    Personal property or chattle real
  4. 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
  5. If a tenant does not sign a lease can it be enforced?
    Yes, as the tenant can be bound by their actions.
  6. When a tenant remains in possession after the expiration of a lease what is this called?
    An estate of sufferance
  7. Who is the lessor in a lease?
    The landlord
  8. Who is the lessee in a lease?
    The tenant
  9. What is the term used when a lessee transfers the complete leasehold interest in a property?
  10. If the lease does not prohibit it, may a tenant transfer all or a portion of his rights and interests in a leasehold estate?
  11. 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?
  12. 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
  13. If a lease that is signed and delivered by the landlord, but not signed by the tenant enforceable?
  14. What four things make a lease valid?
    • LAND
    • Length of time
    • Amount of rent
    • Names of the parties
    • Description of the property
  15. How many months security deposit may a landlord request for an unfurnished and furnished leasehold?
    • Unfurnished- 2 Months
    • Furnished - 3 Months
  16. What does quiet enjoyment mean?
    It means possession without disturbance by the holder of paramount title
  17. 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
  18. What action would a landlord pursue in order to remove a defaulting tenant form possession of the premises?
    An unlawful detainer action
  19. 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
  20. 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?
  21. When a lessee or tenant agrees to pay a new owner what is this called?
  22. How long does a buyer have to sue a seller for non-disclosure?
    2 years
  23. What kind of listing would a seller use to list with more than one broker?
    An open listing
  24. In an exclusive agency listing where the seller finds the buyer is a commission required?
  25. How is rent determined on a percentage lease?
    The amount of rent is based on the gross sales of the business
  26. Is a net listing a unilateral contact?
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Brokers Exam