Podcast
Questions and Answers
When a tenant seeks to assign their lease, whose consent is legally required?
When a tenant seeks to assign their lease, whose consent is legally required?
- The property manager
- The landlord (correct)
- The landlord's attorney
- The tenant's attorney
Which of the following is NOT typically considered an essential element for a contract to be valid?
Which of the following is NOT typically considered an essential element for a contract to be valid?
- Consideration
- The person must be a U.S. citizen (correct)
- Competent parties
- Lawful objective
In which type of lease does the tenant cover a portion, or all, of the property expenses that a property owner would normally pay, in addition to rent?
In which type of lease does the tenant cover a portion, or all, of the property expenses that a property owner would normally pay, in addition to rent?
- Net Lease (correct)
- Graduated Lease
- Leasehold Estate
- Index Lease
What is the term for a contractual clause that predetermines the sum payable in the event of a breach?
What is the term for a contractual clause that predetermines the sum payable in the event of a breach?
What is the minimum age a person must be to legally enter into a lease agreement as a tenant in New York State?
What is the minimum age a person must be to legally enter into a lease agreement as a tenant in New York State?
What is a contract known as once all of its obligations have been fulfilled by all parties?
What is a contract known as once all of its obligations have been fulfilled by all parties?
In what type of lease are 'use provisions' most commonly included?
In what type of lease are 'use provisions' most commonly included?
What kind of estate is automatically renewed, such as a month-to-month or year-to-year lease?
What kind of estate is automatically renewed, such as a month-to-month or year-to-year lease?
Which law requires certain contracts to be in writing to be legally enforceable?
Which law requires certain contracts to be in writing to be legally enforceable?
What is the name of the standardized set of laws that govern financial contracts?
What is the name of the standardized set of laws that govern financial contracts?
What is the legal significance of selling an item with the disclaimer "as-is"?
What is the legal significance of selling an item with the disclaimer "as-is"?
What is the legal term for when a landlord takes back possession of their property from a tenant?
What is the legal term for when a landlord takes back possession of their property from a tenant?
Which of the following is NOT a standard privilege a tenant is entitled to in a typical lease?
Which of the following is NOT a standard privilege a tenant is entitled to in a typical lease?
Under the Statute of Frauds, what crucial element must a valid contract contain?
Under the Statute of Frauds, what crucial element must a valid contract contain?
What describes a lease agreement where the tenant is allowed to use a piece of land owned by the landlord in return for rent?
What describes a lease agreement where the tenant is allowed to use a piece of land owned by the landlord in return for rent?
In New York State, which of the following is regarded as an illegal method of eviction?
In New York State, which of the following is regarded as an illegal method of eviction?
What is the term for agreements written into deeds promising certain actions or restrictions on property use?
What is the term for agreements written into deeds promising certain actions or restrictions on property use?
In contract terms, what is the significance of the phrase 'time is of the essence'?
In contract terms, what is the significance of the phrase 'time is of the essence'?
What type of lease requires the tenant to pay a portion of the common expenses related to real estate in addition to the base rent?
What type of lease requires the tenant to pay a portion of the common expenses related to real estate in addition to the base rent?
What is an offer made in response to an unacceptable offer?
What is an offer made in response to an unacceptable offer?
If an agreement results from the involved parties' actions, and not from written or spoken words, it is known as what?
If an agreement results from the involved parties' actions, and not from written or spoken words, it is known as what?
Which of the following is NOT an example of a valid contract?
Which of the following is NOT an example of a valid contract?
What is the name of a contract where somebody transfers rights of real property to another for life, for a term of years, or at will, typically for rent?
What is the name of a contract where somebody transfers rights of real property to another for life, for a term of years, or at will, typically for rent?
What does the term 'Caveat Emptor' mean?
What does the term 'Caveat Emptor' mean?
What term describes a deposit given to a lender, seller, or landlord as proof of intent?
What term describes a deposit given to a lender, seller, or landlord as proof of intent?
A lender and borrower reach a special agreement to delay a foreclosure.
A lender and borrower reach a special agreement to delay a foreclosure.
What is the statute called that bars all right of action after a certain period of time from the time when a cause of action first arises?
What is the statute called that bars all right of action after a certain period of time from the time when a cause of action first arises?
Which of the following is NOT a typical standard requirement found in a lease agreement?
Which of the following is NOT a typical standard requirement found in a lease agreement?
What is the interest or estate which a lessee of real estate has therein by virtue of the lessee's lease is known as?
What is the interest or estate which a lessee of real estate has therein by virtue of the lessee's lease is known as?
What is the name of a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into the transaction with a third party?
What is the name of a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into the transaction with a third party?
When a tenant wants to transfer all rights and obligations of their lease to another party, this is known as:
When a tenant wants to transfer all rights and obligations of their lease to another party, this is known as:
Which lease type involves increasing rental payments over a specified period?
Which lease type involves increasing rental payments over a specified period?
What is the term for an action invalidating a contract from its beginning, as if it never existed?
What is the term for an action invalidating a contract from its beginning, as if it never existed?
Which of the following best describes 'specific performance' as a remedy in contract law?
Which of the following best describes 'specific performance' as a remedy in contract law?
What clause in a lease protects the tenant from interference by the landlord in their use of the property?
What clause in a lease protects the tenant from interference by the landlord in their use of the property?
What is the legal term for seizing property to satisfy a debt?
What is the legal term for seizing property to satisfy a debt?
What standard clause identifies a property's boundaries in a real estate contract?
What standard clause identifies a property's boundaries in a real estate contract?
In a contract, what does 'consideration' refer to?
In a contract, what does 'consideration' refer to?
What is the purpose of an 'escalation clause' in a contract?
What is the purpose of an 'escalation clause' in a contract?
What term refers to adding something to a property that benefits it, such as a new fixture?
What term refers to adding something to a property that benefits it, such as a new fixture?
Flashcards
Lease assignment consent
Lease assignment consent
Only the landlord must consent prior to a lease assignment.
Net Lease
Net Lease
A lease that requires the tenant to pay some or all of the property expenses, in addition to rent.
Liquidated Damages
Liquidated Damages
Payment of a specified sum should one of the parties be in breach of contract.
Minimum age for lease
Minimum age for lease
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Executed Contract
Executed Contract
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Use provisions in leases
Use provisions in leases
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Periodic Lease
Periodic Lease
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Statute of Frauds
Statute of Frauds
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Uniform Commercial Code (UCC)
Uniform Commercial Code (UCC)
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"As-is"
"As-is"
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Eviction
Eviction
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A tenant entitlement in a lease
A tenant entitlement in a lease
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Essential element of a valid contract
Essential element of a valid contract
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Land Lease
Land Lease
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Illegal means of eviction
Illegal means of eviction
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Covenant
Covenant
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"Time is of the essence"
"Time is of the essence"
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Triple Net Lease
Triple Net Lease
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Counteroffer
Counteroffer
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Implied Contract
Implied Contract
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Lease
Lease
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Caveat Emptor
Caveat Emptor
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Security Deposit
Security Deposit
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Forbearance
Forbearance
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Statute of Limitation
Statute of Limitation
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Lease Requirement
Lease Requirement
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Leasehold Estate
Leasehold Estate
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Right of First Refusal
Right of First Refusal
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Study Notes
- Landlord consent is required when a tenant assigns a lease.
- Being a US citizen is not an essential element of a valid contract.
- A net lease requires the tenant to pay some or all property expenses, in addition to rent, that the property owner normally pays.
- Liquidated damages refer to a specified sum one of the parties pays when they breach a legal contract
- In New York State, a tenant must be at least 18 years old to sign a lease.
- An executed contract is an agreement that has been fully performed.
- Commercial leases typically contain a use provision.
- A periodic lease is a tenancy from year to year, month to month, or week to week, and exists for some time determined by the term of rent payment.
- The Statute of Frauds is a state law requiring certain contracts to be in writing to be enforceable.
- The Uniform Commercial Code (UCC) is a standard set of business laws regulating financial contracts.
- "As-is" is a legal term used to disclaim some implied warranties for an item being sold.
- Eviction is a legal proceeding by a lessor/landlord to recover possession of real property.
- Tenants typically aren't entitled to one month of free rent.
- According to the statute of frauds all contracts must be in writing.
- A land lease permits a tenant to use a piece of land owned by the landlord, in exchange for rent.
- Self-help eviction is an illegal means of eviction in New York State.
- A covenant is an agreement written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of property.
- "Time is of the essence" means performance by one party within the specified period is necessary for that party to require performance by the other.
- A triple net lease involves the tenant or lessee paying a portion or all of the common expenses related to real estate ownership, in addition to base rent.
- A counteroffer is a type of offer made in response to another offer, which was deemed unacceptable.
- An implied contract is an agreement created by actions of the parties, but is not written or spoken.
- A letter of intent is not an example of a valid contract
- A lease is a contract where one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will.
- "Caveat emptor" means "let the buyer beware."
- A security deposit is a monetary deposit given to a lender, seller, or landlord as proof of intent.
- Forbearance is a special agreement between the lender and the borrower to delay a foreclosure.
- The Statute of Limitations is a statute barring all right of action after a certain period of time from when a cause of action first arises.
- Requiring a minimum amount of money in the bank is not a standard requirement found in a lease agreement.
- A leasehold estate is the interest or estate which a lessee of real estate has by virtue of the lessee's lease.
- The Right of First Refusal is a contractual right giving its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner enters the transaction with a third party.
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Description
Key concepts related to real estate leases and contracts are presented. Topics covered include landlord consent, essential contract elements, net leases, liquidated damages, tenant age requirements in New York, executed contracts, commercial lease provisions, periodic leases, the Statute of Frauds, and the Uniform Commercial Code.
