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Michigan Real Estate Ch. 13 - Leasehold Estates questions with complete solutions $10.49   Add to cart

Exam (elaborations)

Michigan Real Estate Ch. 13 - Leasehold Estates questions with complete solutions

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  • Course
  • PSI Real Estate Practice Michigan
  • Institution
  • PSI Real Estate Practice Michigan

Michigan Real Estate Ch. 13 - Leasehold Estates questions with complete solutions

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  • August 11, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI Real Estate Practice Michigan
  • PSI Real Estate Practice Michigan
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Michigan Real Estate Ch. 13 - Leasehold
Estates

assignment - correct answer ✔✔the tenant transfers a portion of his/her lease rights to another



Escalated lease - correct answer ✔✔- a gross lease, provides for rental changes in proportion to changes
in the lessor's cost of ownership & operation of property



eviction - correct answer ✔✔legal action in the court system for removal of the tenant and his/her
belongings & a return of possession of the premises to the landlord



Fixed lease - correct answer ✔✔the rental amount remains constant during the term of the lease

aka flat lease



Graduated Lease - correct answer ✔✔- lease where the rental amount changes from period to period
over the term of the lease



Gross lease - correct answer ✔✔provides the owner(lessor) to pay all expenses

ie real property taxes, owners insurance, liability insurance & maintenance



Ground lease - correct answer ✔✔a lease of unimproved land ususally for construction purposes



Holdover Tenant - correct answer ✔✔when tenant refuses to vacate premises after lease expiration



Index lease - correct answer ✔✔the rental amount changes in proportion to changes in the government
cost of living index or some other index agreed to by the parties



Lease - correct answer ✔✔- a contract between the owner of the property & the tenant

- owner transfers a property interest & possession to the tenant for a period of time

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