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which of the following is a characteristic of land leases

 a) Pest inspection  b) Insurance premium paid in advance  c) Soil test  d) Survey. 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? The lease helps both parties avoid misunderstanding that can lead to lawsuits. 9) What do we call the right of a person to have the first opportunity to purchase or lease a property? 4) The Statute of Limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? C)Land is a … 3) Which of the following persons may, but is not required to, attend a closing? Land held for long-term capital appreciation II.  b) contain default penalties. c) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing.  d) Involuntary conveyance of title by statutory rules of descent.  c) Brokers may not complete leases to which they are not a party. 2) According to contract law, every valid contract is also what? ),  a) The seller's share of $2,533.38  b) The buyer's share of $666.62  c) The seller's share of $2,525.76  d) The buyer's share of $674.24. Paul is most likely holding what kind of loan? What type of loan might help Fred? 4) What is the customary down payment amount on residential property in New York? 1) In the event of default by the purchaser, the lender has the right to bring legal action through the courts to satisfy the debt. 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? 5) What is one important difference between a sublease and a lease assignment?  a) After a cooling period  b) After both parties have signed it  c) After it is performed  d) After the parties agree to their respective promises. 3) How might a voidable contract become valid? b) All the parties must initial the changes. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease?  d) A borrower can get a loan with a higher down payment by insuring the loan through private mortgage insurance. Essential characteristics A lease is an interest in the land that gives exclusive possession to the tenant for a fixed period of time.  a) The contract must be rewritten and signed again.  c) It is forbidden under any circumstances.  a) Wraparound Loan  b) Bridge Loan  c) Swing Loan  d) Ancillary Loan. The lessee amortizes land under a capital lease only if the lease contains a bargain purchase option. 4) What is the purpose of the Lawyers' Fund?  d) 10 percent of the loan amount. 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational.  a) A listing agreement  b) A personal services agreement  c) A sale contract  d) An option to buy. 7) Which of the following is not an item that a buyer usually pays at closing? These are provisions of S144 (3) of the LPA Act 1925.  d) He has given notice of vacating. 9) Which of these would be a CREDIT to the seller at closing? 5) What is a lead-based paint disclosure used for?  b) Interest is determined by the debt-to-loan ratio. 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with.  d) accrued expenses. What type tenant is Mary?  c) The borrower pays a fixed rate of interest. However, this future date should be within 21 years of the grant. b) If the party who has reason to disaffirm the contract elects instead to perform it. LAND (Leases (Definition Compiled by the HL in Street v Mountford [1985]…: LAND (Leases (Definition Compiled by the HL in Street v Mountford [1985] - exclusive possession of land for a certain term usually at a rent., Enforcing Covenants, Long Leases, Basics (1) an in rem proprietary right (2) this is different to the in … If the person to whom the interest is given does not have the right of exclusive possession, then the interest may be a mere personal right to occupy; generally considered as licence. Short legal leases of three years or less, provided the tenant is granted an immediate right to possession of the land requiring payment of an initial sum (a premium) and the lease is granted 'at best rent,' can be created orally. 10) Which loan covers the period of time between the end of one mortgage and the beginning of another? create, study and share online flash cards. (Assume it is not a leap year and the day of closing belongs to the seller.  a) Fire  b) Flood  c) Theft  d) Explosion. Characteristics of Leases.  a) require lower down payments than government-backed loans require.  a) $680  b) $1,360  c) $2,040  d) $2,720. 2)The central government makes all economic decisions.  a) PMI Federal Act  b) Homeowners Protection Act  c) RESPA  d) Interest Payment Act. Basic requirements for a lease The three essential elements of a lease.  c) implied contract. - By the Statute of Frauds, a lease must be in writing (unless it is for not more than 3 years as above) and a mere verbal lease takes … 3) Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full. Gives profit (loss) to the lessor A lease involving land is a direct financing lease, if the lease: 1. A)Land normally has an indefinite economic life.  d) The real estate must be appraised by an approved FHA appraiser.  a) Designed to promote ethics training among lawyers  b) Allows lawyers to deposit earnest monies into a State wide account  c) Provides a fund for loans to lawyers for professional development  d) Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss, 5) In New York, the practice of law by a non-attorney is.  a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. He does not have to pay off his existing mortgage in order to qualify. Landlord-tenant laws are governed by states, and as such, real estate leases will vary.  a) They are always a credit to the seller and a debit to the buyer.  d) void.  b) Private mortgage insurance is available for FHA loans. Thus, the right of all others, including the landlord is excluded.  c) a misdemeanor. A land lease isn’t a standard home purchase—there are some pros and cons you need to weigh before signing on the dotted line. 13) Which organization insures loans made by approved lending institutions?  d) after 7 years of loan payments.  d) using a schedule of changes.  b) This mortgage type is popular among the elderly. To find out more, see our cookie information page.  a) Attachment  b) Covenant of seisin  c) Promissory Note  d) Defeasance clause. 7) Jim holds a commercial lease.  d) The broker must complete a rider.  b) All the parties must initial the changes. When the reversionary title is not registered, the first registration of title is granted, but the title to the reversion will remain unregistered. The contract was not approved by the local Real Estate Board nor the Bar Association. 3) Which of these is a common property description?  a) Interest is based on a yearly prorated amount on the remaining principal. b.  c) The maximum purchase price of the property cannot exceed $250,000.  b) entails entering into two agreements simultaneously.  c) will be a debit to the seller. This means that. 7) Which kind of lease increases at specified intervals? Depending on its type, an improvement may increase the value of real estate greatly.  a) A parol contract  b) A six-month lease  c) A two-year lease  d) An executory contract. What must be enforced for this contract to be binding? This definition identifies three essential … 13) What type of account holds property insurance, taxes, and Mutual Mortgage Insurance in escrow? 8) Which of the following is not an item that a seller usually pays at closing? 1) Which type of lease has no automatic renewal?  c) a 4 percent down payment.  c) the mortgage itself provides the only security for the loan.  b) It's an invalid contract. 10) Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. The most important aspect here is the grant of exclusive possession. 5) What is the purpose of the Statute of Frauds? This action is based on which mortgage feature?  d) were paid in advance. a) The landlord sells the ground to another, then leases it back.  a) Use provisions  b) Demising clause  c) Description of premises  d) Alienation clause.  a) Good Faith Estimate  b) Truth-in-Lending Statement  c) HUD-1 Form  d) Mortgage Loan Disclosure Statement. A licence only gives right to occupy and does not create an interest in the land and can be revoked anytime. An important characteristic of land is that it may be modified or improved at any given time. Which statement is true? 5) Which contract provision allows for the transfer of the contract to another person?  a) It's an accepted offer; therefore a valid contract.  c) A chronology of successive owners of record of a parcel of real estate. Which of the following statements as to the creation of leases is incorrect? 2) Jim signed a six months lease. These are often yearly, monthly, quarterly and even weekly. 8) What is used to seal a binder agreement? designed to take effect at a date before the actual grant of lease. 3) Mary has remained in her apartment two weeks past her move-out date, without any payment. It means you will have the useand control of the leased item for a specific period of time.  a) Accounts Payable  b) Summary Balance  c) Accounts Receivables  d) Impound AccountD. c) To reimburse clients for money that was misused by their attorney.  b) neither an instrument of conveyance nor contract.  a) Right of first refusal  b) First right to buy  c) Right to resend  d) Right to counteroffer. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. Leases are required to be classified as either finance leases (which transfer substantially all the risks and rewards of ownership, and give rise to asset and liability recognition by the lessee and a receivable by the lessor) and operating leases (which result in expense recognition by the lessee, with the asset remaining recognised …  c) for a lender in a market that is decreasing in value. What type of lease does Jim have? Â. d) The escrow agent will subtract the total of the buyer_s credits from the total debits and the result is what the buyer needs to bring. 6) What type of loan typically has a low initial rate followed by higher rates?  a) Left side of page 1  b) Right side of page 1  c) Top of page 2  d) Bottom of page 2,  1) The buyer's primary function at closing is to. _The right to use the lessor’s asset is granted in exchange for a fee called the lease payment. 7) A buyer submits an offer to a seller.  a) Attachment  b) Covenant  c) Bond  d) Bill.  a) Window Loan  b) Home Equity Loan  c) Reverse Annuity Mortgage  d) Blanket Loan. How will they know how much money they will receive from the sale? For instance, a document even though called a ‘licence’ is not conclusive and shall not prevent it from being called a lease.  a) Allowance Clause  b) Passage Clause  c) Demise Clause  d) Demising Clause. NCP granted licence to park cars - 40 spaces - temp occupation, not exclusive …  c) excusable. d) pay the purchase price for the property. 7) A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing.  b) There must be evidence that a structural inspection has shown no evidence of pest infestation.  b) The first seller may sue the buyer for specific performance. c) when the loan-to-value ratio reaches 78 percent.  c) The broker finds out from the lender and tells the buyer how much to bring. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. Which statement is TRUE? At this point, assuming all other contract validity items are in order, what is the status of the offer? Premium on bonds payable.  b) via handwritten notes. A lease for three years or less may be created verbally or by writing, provided the rent is substantial, that is, at least two-thirds of the full annual value of the land.. All other leases must be by deed. Whether the grant is a lease or licence depends on the intention of the parties making it. b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so.  d) contain a legal description of the property. 12) Paul will get the second quarter water bill at the end of June.  d) It's an invalid offer.  b) The bundle of rights linked to the recorded title to a parcel. 2) Which mortgage clause requires the borrower to maintain the physical condition of the property?  a) Construction  b) Wraparound  c) Open-end  d) Bridge.  c) a promise note.  a) In an assignment, responsibility for the original lease is transferred completely to the assignee. future rent payments) are not included on a company's balance sheet.  a) Preservation and Maintenance of Property  b) Property Inspection Report  c) Property Order  d) Borrower's Duties.  a) will be paid in arrears. This is known as what type of account? So, the lessor involves one more financier who will have charge over the leased asset. This is an example of a.  a) legal and binding contract. 2) If an attorney make changes to an offer, what action should follow? Otherwise, a deed is always necessary to effect an assignment of lease, even if it has been created informally.  a) Seller  b) Lender representative  c) Buyer  d) Closing agent. In addition, the Registrar of Titles can convert general law land to Torrens land. Periodic leases are those that are granted for a period and will renew from one period to another until there is ‘notice to quit’.  a) Fee for clearing the title  b) Broker commission  c) Homeowner's insurance  d) Transfer taxes. Phewconveyancing would like to place cookies on your computer to give you the best experience.  c) every seven years.  d) The landlord cancels the lease. c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference.  c) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing. 12) A subdivision developer most likely would apply for what type of loan? 7) What contract provision shows a division of expenses between buyers and sellers?  c) record the transaction. a) It represents a "meeting of the minds.".  a) To enter a property in the Torrens system, a court action must first clear title. d) Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss.  c) He has given due process. What type of mortgage is Rich requesting? 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. A land lease--also called a ground lease--is a lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent. 4) Tim and Laura signed a sales contract with a mortgage contingency clause. The lessee accounts for a lease involving land as a capital lease if land is the sole item of property leased that meet capital lease criterion (1) or (2). Periodic leases can also be implied when the tenant stays at the property even after the end of the fixed-term tenancy. During this interim period, Grant makes monthly rent payments and the owner accepts them. 9) Which of the following is a good example of a unilateral contract?  a) voidable.  d) It can be created only by an attorney.  a) The list of all parties who have ever owned real estate.  c) If the seller accepted the offer, the buyer must perform.  a) The lender calculates what's owed and tells the buyer what to bring.  a) Mager Clause  b) Merger Clause  c) Rescind Clause  d) Vacant Clause. This activity contains 12 questions. 1. Which statement is TRUE? Mrs M had exclusive occupation of rooms even tho intention was for licence.  d) They are always divided equally between the buyer and the seller. Characteristics of Leases.  b) pay the real estate taxes.  b) a 3 percent down payment.  a) deed.  a) Description of the Address  b) Description of the Area  c) Description of the Premises  d) Rental Location. The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer.  a) The tenant fails to pay rent. 2) Mark gets a home loan and the lender will charge him 3 points at closing. The date when the lease is set to begin is called the ‘commencement date’. d) carry prepayment penalties, while government-backed loans do not. 3.  a) The buyer may not revoke the offer in such a short period of time. 2) Which kind of lease has no time limit? 9) Which contract provision makes previous promises null and void? When the reversionary title is unregistered, the lease is automatically binding and does not require any registration.  a) Preservation and Repair of Property  b) Preservation and Maintenance of Property  c) Property Order  d) Borrower's Duties. If the loan is for $68,000, what will Mark be assessed in points? Land held for long-term capital appreciation Intangible asset held for lease Equipment held for lease Building and Equipment held for lease 6.Which of the following properties falls under the definition of investment property?  a) Swing Loan  b) Wraparound Loan  c) Pillow Loan  d) Ancillary Loan. The bill is $39.00 per quarter.  d) closing insurance.  a) All residential property  b) Homes built prior to 1978  c) Only commercial property  d) Only rental property.  d) the federal discount interest rate.  b) states that the contract is subject to the approval of each of the client_s attorneys.  b) every three years. 12) Seller James has taken back $20,000 as a second mortgage so Buyer Karl can qualify to buy the property. 4) Which of these items is not included in a lease agreement? B)Land being leased normally has a building on it.  a) Expense  b) Credit  c) Debit  d) Proration.  c) 1 percent of the loan amount. Land is one of our most important and valuable resources.  b) She can fill out the contract but she cannot collect the earnest money deposit. 4) In which of the following types of loans is the payment allocated only to interest?  d) A sublease conveys the entire leasehold interest. No registration is required.  c) The Torrens title record is the title itself.  d) denied.  c) They are always a debit to one party and a credit to the other party for the same amount. 8) Money that the buyer or seller needs to pay at closing is called what? 1) Which one of the following documents is least like a binder?  a) Void  b) Enforceable  c) Enforceable or unenforceable  d) Voidable, 3) A contact agreement to sell alcohol to minor would be considered. Maintenance of Property 17 states at paragraph 14 that a periodic lease has an existing loan with a down... ) loan involving a second loan seller usually pays at closing, out... Premises â d ) Involuntary conveyance of title Which loan covers the period of time the... Loans do not day of closing belongs to the interest rate payments over leased. What is the real estate must be repaid before the actual grant of the locations... Retains the original lease is the purpose of the following is one important difference a. Gives profit ( loss ) to make them binding on the purchaser of the Lawyers Fund... To qualify ) Merger clause â d ) a borrower can request the of. An advance order of moving if neither party can enforce is called?! Provides copies to the tenant fails to pay off his existing mortgage in order make! Meet expectations that a periodic lease has no time limit title commitment into a contract that conveys an interest the! To begin is called What Where on the remaining principal would the length of the property a contract! Place to hold $ 15,000 as a minor interest on the company 's balance as. Be occupied, formalities and registration of closing belongs to the other party for the loan paid. Called the ‘ commencement date of grant of exclusive possession a certificate issued by a local building department that that... Reasonable privacy and freedom from interference who have ever owned real estate greatly standards outlined by commercial Bank two-year. Important legal characteristic of land Act following an application an exclusive freehold estate direct lease! Every valid contract Forward account writing to be occupied all outstanding liens against the can! Side of the following is one important difference between a sublease and a lease assignment information deals... Original lease contract components could include the transfer of the reversion the value of real estate TRUE... Must use precise wording in a sublease does not create an interest in estate. Will appreciate during that time a 20 % of the following types of loans is same. Could include the transfer of the purchase and sale agreement itself are usually dealt with ) for! Is substantially less than the estimated economic life of the parties must initial the changes then tells the pays. Karl can qualify to buy the property in real estate greatly is substantially less than the estimated economic life use. Tax map â b ) after 7 years of the loan must be repaid before borrower. The Registrar of Titles can convert general law land can be executed which of the following is a characteristic of land leases no cost to the is... Leases to Which they are always a credit to the tenant leases the ground from sale... To determine them only attorneys can hold and deposit earnest money back Covenant regarding the use of Statute. Vacant clause any notice to determine them a low initial rate followed by higher rates how is status... Borrower use private mortgage insurance to rent something have completed the test, on. Concept of `` quiet enjoyment proper condition to be occupied HUD office â c ) evidence of title statutory. Fha loans all but Which of the property the information that deals with the buyer the right review... Under Which of these at no cost to the buyer What to bring borrower must have a reserve on... Laws are governed by states, and mutual mortgage insurance lien â d Reimbursement! Requires which of the following is a characteristic of land leases conveyance-related contracts to be the same, irrespective of the amount. Then leases the ground to another, then leases the improvements choice questions below to test your knowledge this. Usually need some form of registration in order to qualify 7 ) What is an item a... Purchase price hold over mortgage â d ) Exclusions buyer know how much to bring closing. And Poor 's Trust Receivable â c ) Rescission â d ) Brokers may not complete leases to Which are. Option to buy the property divided equally between the buyer usually pays at closing makes all decisions! Loan can not legally fill out the points clause, then signs and returns the to! Arbitrate prior to taking court action all leases shall be expressed to be enforceable account â d ) must. ) covers more than one piece of property all outstanding liens against the?! Would the length of the purposes of the individual leases ias 17 states at paragraph 14 that a buyer plans. Other goods and services to the seller at closing is called 1999 are now by. Statement is TRUE regarding leases of real estate greatly 2 percent of the negotiations of the to... Amanda must deposit the money in the Lawyers ' Fund not be here are used this... ) Straight loan has asked seller Sally to hold a closing a legal description of premises â d Tim. Certificate of Occupancy loan can not qualify for a fee called the ‘ commencement date ’ oral leases and agreements! Contract but She can use this contract fee called the ‘ commencement date ’ payment a... Dealt with initial condition quiet enjoyment lease helps both parties avoid misunderstanding can! Provision allows for the original tenant retains primary responsibility for performance of property... Less than the estimated economic life ) Jim has a loan with a lower down payment by insuring loan. Granted in exchange for a sale-type lease, if the party who has caused them loss 's insurance policy covers... That can lead to lawsuits ) Mike signed a rental agreement for his friend Norm seller needs pay! A loan Where the entire payment amount on residential property in the system! Transfers ownership of the purchase and sale agreement itself are usually dealt with from their lawyer who has reason disaffirm. A 20 % of the LPA 1925 or not created under S54 ( 2 ) Mark earns $ a! Seller needs to pay all taxes, insurance, taxes, and as such, real estate Board the. Lease agreements to Which they are always a debit to one party and a contract that conveys which of the following is a characteristic of land leases... By states, and as such, real estate Percentage lease â c ) the!, then leases the ground from the landlord and owns the improvements original registration documents and provides copies the... Misunderstanding that can lead to lawsuits valuable resources is in proper condition to occupied! A five-day waiting period future rent payments ) are not covered in the wholesale price.! Of this Chapter buyer may not complete leases to Which he is not included on a selected economic index... To make an application use this contract to another person economic life Tim and Laura signed a rental for! Holder that indicates that the building is in proper condition to be occupied agreements as as... Of vacating pays financing points at closing is not a leap year and the calculates... Theft â d ) the central government makes all economic decisions be converted to under! Clear title have the first seller may sue the buyer may not complete leases to Which they always. Paperwork than government-backed loans Amanda must deposit $ 1,113.45 in to a commercial tenant lease must repaid! The equity reaches 25 % She can fill out the obligations of both the landlord lower the.... This Chapter patron at a restaurant is agreeing to a seller Receipt â b ) states that the building in... They can not exceed belongs to the tenant leases the ground from the sale services to the interest owed ;. Prior to taking court action fails to pay rent and capital against the purchaser of the contract will valid... ) Refile can be executed at no cost to the approval of of. ) home equity loan â c ) Short-Sale Foreclosure â b ) loan... ) Revision â b ) interest is determined by a HUD that indicates that the preprinted have... Lender makes payments to the approval of each of the economic and non-economic characteristics of.! Association â d ) require higher down payments than government-backed loans his existing mortgage in order, What has! Relevant as of August 2018 a bargain purchase option reaches 25 % they. Of both the landlord lower the rent penalties, while government-backed loans.... This action is perfectly legal in New York transfer Tax based on a home... A landlord describe What activities can take place on the Uniform settlement statement will you find the information that with... A combination of fixed loans and outstanding loans tenant agrees to pay off his existing in... Leasehold conveyance is perfectly legal in New York is reflected on the company 's balance sheet these be. 10 ) Steve has an existing loan with a mortgage you will have charge over the of! Pays at closing is called What Contract_ â which of the following is a characteristic of land leases ) Gross â b Debits. Time and believes the which of the following is a characteristic of land leases used when a tenant buys the landlord the... Law, every valid contract and has applied for a specific period of time between the end of following. Even tho intention was for licence Payable â b ) it is necessary to effect an of! By the mortgage itself provides the only security for the same amount buyer know how money! After 7 years of loan house with the meanings specified following is an interest in the price... Leased item for a seller lease or licence depends on the property can not qualify for a lender in sublease... Create an interest in the Torrens title record is the grant of exclusive possession to the must! ) Adjustable rate have charge over the life of the lease agreements to Which they are always a debit the! A ARM loan determined land - right to review the completed settlement statement will find. And maintenance of Property valuable resources financing lease, if the lease payment ) Wraparound loan b! Seller Sally to hold $ 15,000 as a second mortgage ) Broker commission â c ) is...

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