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MA Salesperson Exam Module 7: Leases Study Guide Solutions
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MA Salesperson Exam Module 7: Leases Study Guide Solutions Leases - ANSWER--also known as tenancy for years, estate for years, interest for years, or demise -written conveyance of possession but not ownership of real estate, for some specific period of time privity of estate - ANSWER-a legal re...

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  • November 4, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ma salesperson exam module 7 leases study guide s

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MA Salesperson Exam Module 7: Leases

Study Guide Solutions


Leases - ANSWER✔✔--also known as tenancy for years, estate for years, interest for years, or demise


-written conveyance of possession but not ownership of real estate, for some specific period of time


privity of estate - ANSWER✔✔-a legal relationship between two people with interests in the same

property


the longest lease can last - ANSWER✔✔-99 years


leases longer than 7 years - ANSWER✔✔-must be recorded in the state or MA


Leases are - ANSWER✔✔-non-freehold interests


revisionary interest - ANSWER✔✔-right to regain possession after the lease is over


usable square footage - ANSWER✔✔-the actual square footage the lessee can occupy within the walls of

the leased premises and is responsible for


rentable square footage - ANSWER✔✔-the leased premises plus a percentage of any common areas

maintained by the lessor and used by the lessee


additional square footage - ANSWER✔✔-also known as common area load, common area factor, or load

factor and ranges from 5-15% of the usable square footage in commercial leases


rent calculated in commercial leases - ANSWER✔✔-based on annual price per square foot



Copyright ©Stuvia International BV 2010-2024 Page 1/6

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


build out - ANSWER✔✔-fit up, fit out


the landlord or tenant pays to modify the space for a particular business


lease negotiation decided if the tenant or lessor pays for this, is often split


leases run - ANSWER✔✔-with the land


Certificate of No defense - ANSWER✔✔-or estoppel certificate, used to confirm the lease when the

property is sold


doctrine of estoppel - ANSWER✔✔-states that once you cause another to rely on your words you cannot

go back on your promises. Prevents the tenant from attempting to renegotiate or defraud the new

property owner. Also used when loans are sold, and verbal tenancy agreements


subletting - ANSWER✔✔-the act of transferring a portion of one's rental interest to a third party


assigning - ANSWER✔✔-the transfer of all the remaining interest to a third party


novation - ANSWER✔✔-the cancellation of the lease contract, and transfer of the remaining portion of

the lease to a third party under a new contract. Relieves the lessee of their obligations under the lease


Termination of lease via performance - ANSWER✔✔-leases automatically terminate at the end of their

term


Termination of lease via surrender - ANSWER✔✔-cancellation of the lease prior to expiration


Termination of lease via action of law - ANSWER✔✔-eminent domain taking, tax sale, bankruptcy


Termination of lease via destruction - ANSWER✔✔-the property is damaged




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