Which type of lawsuit do tenants commonly file against property managers? quizlet
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Terms in this set (131)leasehold estate A tenant possess a property for a specified amount of time but does not own it. This is an example of a: the landlord When a lease end, the property reverts to:
Estate for years, periodic estate, estate at will, tenancy at sufferance What are the four types of leasehold estates? Periodic estate Martha is living in her apartment under a month-to-month lease that automatically renews. What type of estate does Martha's lease create? allows for automatic renewal at the end of the lease term A periodic estate: decide the tenancy should end at any time An estate at will allows the tenant and landlord to: less than one year Leases are not required to be in writing if they are: 18 years old
The age at which a person can enter into a lease agreement is: Competent parties to the lease, consideration, legal description of the property The requirements of a valid lease include: Possible future damages during the lease term One reason why security deposits are often required is because they cover: quiet enjoyment A tenant's right to enjoy their property without disturbance from the landlord is known as the covenant of: Operation of law or special statutory rights One of the four categories of ways a lease can be discharged is: A sublease Amanda is moving but still has 5 months left on her lease. She finds someone to take her place in the lease. Amanda collects the money from the new tenant and passes it on to her landlord. What is this an example of? The original tenant An original tenant sublets without the permission of the landlord. Who is liable for unpaid rent and/or any damages done by the person subletting? The heater is broken and the landlord refuses to fix it. In which of these cases can a tenant seek relief for constructive eviction? three business days Landlords must give tenants a written copy of their lease within: should act quickly to repair the window because they are responsible for the safety of the tenant A tenant calls the landlord to report a window broken during a hurricane. The landlord: Seven days What is a reasonable time for making repairs in a residential tenancy? themselves (the tenant), a lawful occupant of the property, or a tenant's guest A tenant is required to repair conditions caused by: Tenant damages that do NOT qualify as "normal wear and tear" What charges may a landlord deduct from the security deposit? 30 days A residential landlord must postmark the return of a security deposit within: bedroom and level of a building that has multiple levels A residence should have smoke alarms in every: "Yes I'll inspect it, let's schedule something." A tenant calls their landlord and asks them to inspect the smoke alarm. The landlord should say: Within seven days after tenant turnover When must the landlord rekey residences? commercial properties Net leases are most commonly used for: can be both fixed and variable In a triple-net lease, the expenses that a tenant must pay: original landowner Upon the expiration of a ground lease, ownership of any construction on the land reverts to the: purchase the property within their lease term In a lease purchase agreement, the tenant is able to: Periodic estate Which type of leasehold estate provides for a lease to automatically renew at the end of each lease period until the landlord or tenant acts to terminate it? actual eviction If a tenant were to disobey a landlord's strict no-pets policy, they could be removed through __________. 30 days A renter in Texas can expect their security deposit minus damages deductions back in how many days after the lease expiration? Serve notice on the tenant Prior to initiating a lawsuit for actual eviction, what must a landlord do? TRUE All known restrictions or facts must be disclosed during the transaction. T or F combine rent from tenants with additional revenue streams One strategy property managers may use to maximize the owner's return on their investment is to: property manager Finding and keeping happy tenants is typically one of the main duties of the: An owner leasing their own real estate Who of the following is exempt from needing a real estate license? Leonard will likely be hired because of his specialization Susan has 7 years of general property management experience. Leonard has 4 years of commercial property experience and a specialization in commercial property. For managing a mall: Vacation property Which of the following is a type of residential property? bank-owned property that has been through the foreclosure process An REO property is a: Residential Mark has been working as a property manager for the past twenty years managing mostly condos and vacation rentals. What area of property management does Mark specialize in? Industrial property Which property category do distribution centers and warehouses fall under?
the owner A property manager's first duty is to: OLD CAR What acronym can be used to remember the fiduciary duties? Forever How long are property managers bound by confidentiality? NOT acceptable, as it biolated the fiduciary duty of obedience The property owner instructs you, the property manager, to NOT lease one unit in an apartment complex. There is a long waiting list for the complex, so you decide to lease the unit anyway. You decision was: TAR provides standard property management agreements to its users. What is true regarding property management agreements?
prioritize Carmen's purpose regardless of his own feelings Carl manages a PUD. The property owner, Carmen, outlines her purpose in the management agreement, but Carl thinks she should have a different purpose. Carl should: Allocation of costs What area of the contract will inform the property manager about the amount of costs they may incur without consulting the owner? is based on a property's income while a flat fee does not vary The difference between a percentage fee and a flat fee is that a percentage fee: Property managers set their own fees Why are fee structures a concern in property management? Corrective maintenance A property manager is called by a resident complaining their AC unit has stopped working. What type of property maintenance is this an example of? ongoing legal proceedings A delinquent account report can include: Effective gross income - operating expenses How is the net operating income determined? operating budgets Property managers are able to track a property's financial performance in the future through the use of: not a violation of the act Regarding the Fair Housing Act, asking applicants for proof of citizenship or immigration status documentation is: must also ask for one from every applicant If a property manager asks for a credit report from one applicant, they: Identity Theft Enforcement and Protection Act Which law or act protects an individual's sensitive personal information? Offer a concession A prospective tenant is on the fence about leasing a new apartment unit. What could the property manager do to help persuade the prospect? It ensures the tenant exclusive right to sell without any competition on the same property. What is the purpose of a noncompete clause? It Occupational Safety and Health Administration What does OSHA stand for? the property owner The majority of single family rental properties are managed by: desirability of location, age, and condition of the building Rental rates and lease terms for office properties are affected by such things as: National Association of REALTORS IREM is an affiliate of what national real estate organization? be enough to cover the operating expenses and yield a positive return on the investment A rental rate set by a property manager must: base fee Another name for a flat fee is: a flat fee and a percentage of rent Property manager fees often consist of: transfers a title of real estate from one party to another It is TRUE to say that a deed: transfers both names of the grantor If a grantor's name has been changed since the original title was acquired, the deed must reflect:
Joint tenants and tenants in common Which of the following are forms of co-ownership recognized in Texas? what interest in the property is being conveyed by the grantor The granting clause needs to include: Define or limit the ownership interest of the grantee What is the purpose of a habendum clause? attorney-in-fact If a grantor is unable to sign, a grantor's signature can be signed by an: the deed is actually delivered to and accepted by the grantee A title to real estate does not pass or transfer until: not essential to the validity of a deed In Texas, deed acknowledgement is: Covenant of further assistance, covenant of warranty forever The five basic warranties implied by a general warranty deed include: Quitclaim deed Which type of deed provides the grantee with the least protection and imposes the least liability on the grantor? The bundle of ownership rights to a property In the world of real estate, what is a title? an outstanding tax lien A title policy will most likely insure against: borrower but protects the lender A lender's title insurance policy is paid for by the: abstract of title An abbreviated history of a property is a(n): county where the property is located Documents relating to real property must be kept on file in the: record or file all documents that affect their interests in real estate
State law requires people who hold interests in real estate to: constructive notice and actual notice "Giving notice" of one's interest in a real property can be broken into: Constructive notice If the property owner's interests have been made available to the world, what concept applies? cloud on the title A property's ownership chain is broken. There are several gaps in the chain of title. This means there is a: a marketable title At closing, the seller MUST deliver: information present in existing public records Abstractors are responsible for: Lender's title insurance policy Which type of policy assures a lender they have a valid first lien against the property? water rights and off-record easements An owner's policy extended coverage often covers: problems due to a borrower's failure to pay their mortgage There are some things a title policy will NOT cover. For example: is not necessary to make a deed valid When it comes to recording a deed, recording: Easement by necessity Which type of easement allows the owner of a landlocked parcel of land to gain access to their property? easement by prescription An implied easement granted after the dominant estate has used the property in a hostile, continuous, and open manner for a statutorily prescribed number of years is an: it can enhance the likelihood of receiving future referrals It might be a good idea for an agent to attend closing because: Fee simple estate Monica owns her home. For the duration of her lifetime, she has the right to her property and can will her property title to her children after her death. Monica has a: revert back to the original owner With a fee simple subject to condition subsequent, if the specific requirements is not met the property will: remainder The estate that will pass to another party at the death of the person upon whom the life estate is based is the: remainderman A grantor is creating a life estate. They designate a third-party to receive the estate when their life ends. This party is the: but someone else lives there In a leasehold estate, one party owns the property: With a leasehold estate, tenants have what specific kind of estate in the property for the duration of their lease? Possessory estate until either the tenant or the landlord decides tenancy should end An estate at will allows the tenant to occupy the property: Equitable estate A buyer is purchasing a property. They signed a contract but the sale has not yet closed. What kind of ownership interest or estate do they have? a deed conveys a present interest, a will conveys no interest until after a death A will differs from a deed in that: not be anyone who is named as devisee or legatee in the will Any witnesses to the creation of a will should: Holographic Mary dies, and in a handwritten will with no witness, gifts her house to her grandson. Mary has created what kind of will? Sally receives one-third, Emilia receives the rest Sally and Jorge are a married couple and have one adult daughter, Emilia. Jorge owns a house which he rents out for extra income. When Jorge dies intestate, who receives the house? the method by which property is transferred from the current owner to another party either by sale or gift Voluntary alienation is: state it is a conveyance A valid deed will: property taxes and penalties A foreclosure property is purchased at a sheriff's sale. The buyer, Aviv, is responsible for fees such as: open, notorious, and continuous use of a property Adverse possession requires: easement The right of one party to access or use land of another is a(n): not have a problem as easements run with the land John has an easement appurtenant that allows him to cross Sally's land. Sally is selling her property. When Sally's property sells, John will: 10 acres Urban homesteads may not exceed: escheat Involuntary alienation can be carried out by ___________. contain original signatures that are acknowledged by a notary or public official If a paper document is to be recorded concerning real or personal property, it MUST: photos of the property Which of the following is NOT typically required in order to publicly record a property? a personal presentation or an electronic version of the offer In order to present the offer, the buyer's agent will contact the seller's agent and present the offer via: treat all parties honestly and fairly With multiple offer situations, one basic tenet under Texas license law is to: three business days prior to closing The buyer MUST receive a copy of their Closing Disclosure by: Good title, financing, and property inspection What are the three conditions shared by most residential sales contracts?
Cancel the transaction or negotiate an option period extension A home inspector's report requires investigations that will take several days to complete. What two options does the buyer have? Attorneys and real estate agents Who are possible attendees at the closing of a real estate transaction? second business day Once a sales contract is signed by all parties, TREC requires the broker deposit the earnest money by the end of the: Yes, always Do RESPA rules apply to loans made by a lender, creditor, or dealer? acceptable as long as the fee is disclosed and reasonable A broker charges a fee for using a CLO system. This is: charge, the amount the party is being debited owes A debit is a(n): seller In most cases, attorney fees for the preparation of the deed and a release of lien are charged to the: the county clerk The charges for recording all of the closing statement documents must be paid to ________________. During escrow Eric is in the process of buying a home. At which point is he responsible for getting an appraisal and obtaining property insurance? Credit to the buyer On the Closing Disclosure, how will the earnest money be recorded? Appraisal fees Which of the following would NOT typically be prorated at closing? Students also viewedLevel 9 questions39 terms Allen_Porras4 RS Unit 717 terms tyler_tibke Principles 2 practice test184 terms johnfordstory PRINCIPLES OF REAL ESTATE II PRACTICE EXAM168 terms talyn_provo1 Other sets by this creatorTexas Real Estate Exam160 terms drewherin Promulgated Contracts44 terms drewherin Principles of Real Estate 2 part 2110 terms drewherin Principles of Real Estate 2 Test100 terms drewherin Recommended textbook solutions Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,012 solutions
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