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Exam 13: Leases

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Question 31

True/False

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A CPI rent escalator in a lease protects the tenant against inflation.

A) True
B) False

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Question 32

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A security deposit is usually given to secure the landlord's performance under a lease.

A) True
B) False

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Question 33

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Failure of a landlord to perform its obligations under a lease is always an excuse for the tenant not to pay rent.

A mortgage holder's agreement to honor a tenant's lease upon foreclosure of the mortgage is known as an attornment.

A foreclosure of a prior mortgage on leased premises will not terminate the lease.

A landlord's basic remedies for tenant's default under the lease are:

A lease must describe the property that is being rented.

A foreclosure of a prior mortgage on leased premises will terminate the lease.

Under a net lease, a tenant would pay which of the following items:

An obligation by a third party to pay a tenant's rent under a lease is known as a:

The tenant's contractual obligation to pay rent will continue even if the tenant has transferred his or her interest in the lease and vacated the premises.

A lease provision that provides that both landlord and tenant will hold each harmless from the other's actions in regard to any casualty to the premises will impair an insurance company's right of:

A provision in a lease that prohibits a tenant from opening another store within a certain geographical area of the leased premises is known as a radius clause.

URLTA provides that if there is substantial destruction to the premises, either the landlord or the tenant may terminate the lease.

A landlord may not be able to proceed against which of the following parties in regard to violations of lease provisions: