1. Which of the following leases is automatically terminated by the death of either the landlord or the tenant?
A. Gross lease
B. Tenancy for years
C. Estate from period to period
D. Estate at will
2. John’s lease expired at the end of the month. John new apartment is not ready so John is staying in his old apartment with prorated rent to the landlord. John is now a:
A. Holdover tenant
B. Tenant at sufferance
C. Sublessee
D. Tenant at will
3. A less-than-freehold estate is also known as:
A. A defeasible estate
B. Freehold estate
C. Leasehold estate
D. A Reversionary estate
4. Which of the following is NOT a Risk Management technique?
A. Retain
B. Control
C. Recover
D. Transfer
5. The first step in taking over the management of any property is to:
A. Enter into a property management agreement
B. Enter into an Option to manage agreement
C. Enter into a special agent agreement
D. Obtain a leasing agent specialist designation