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?
No
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?
The landlord
Who is the lessee in a lease?
The tenant
What is the term used when a lessee transfers the complete leasehold interest in a property?
Assignment
If the lease does not prohibit it, may a tenant transfer all or a portion of his rights and interests in a leasehold estate?
yes
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?
Sublease
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?
Yes
What four things make a lease valid?
LAND
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?
Abandonment
When a lessee or tenant agrees to pay a new owner what is this called?
Attornment
How long does a buyer have to sue a seller for non-disclosure?
2 years
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?
no
How is rent determined on a percentage lease?
The amount of rent is based on the gross sales of the business