Real Estate U
Chapter 4 Exam
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Lease - Answer: A contract whereby, for a consideration, usually termed rent, one who is entitled to the
possession of real property transfers such rights to another for life, for a term of years, or at will
Leasehold Estate for years - Answer: Definite period of time (years, months, etc)
Specific beginning / end date.
New contract required at end.
Example: Typical rental property tenant
Periodic Lease - Answer: Also known as a tenancy from year to year, month to month, or week to week,
is an estate that exists for some period of time determined by the term of the payment of rent.
Automatically renews
Estate at will - Answer: A lease that can be terminated by either party at will, without notice usually 30
days
Tenancy at sufferance - Answer: A tenancy that occurs when a tenant that is supposed to vacate does
not, but continues to pay rent, and the landlord accepts it.
Covenant for leases - Answer: Agreements written into deeds and other instruments promising
performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.
Contract Requirements - Answer: In New York State, an individual must be at least 18 years of age to
enter into a contract.- Minors (less than 18 years old) CANNOT enter into a contract. The contract is
voidable if signed by a minor.- In New York State, an individual must be mentally and emotionally
capable to enter into a contract.
Signing the Sales Contract - Answer: Generally, the purchaser signs the contract of sale first because the
purchaser is the party making the offer. The purchaser is stating the purchase price he/she wants to
offer and the terms.
Chapter 4 Exam
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Lease - Answer: A contract whereby, for a consideration, usually termed rent, one who is entitled to the
possession of real property transfers such rights to another for life, for a term of years, or at will
Leasehold Estate for years - Answer: Definite period of time (years, months, etc)
Specific beginning / end date.
New contract required at end.
Example: Typical rental property tenant
Periodic Lease - Answer: Also known as a tenancy from year to year, month to month, or week to week,
is an estate that exists for some period of time determined by the term of the payment of rent.
Automatically renews
Estate at will - Answer: A lease that can be terminated by either party at will, without notice usually 30
days
Tenancy at sufferance - Answer: A tenancy that occurs when a tenant that is supposed to vacate does
not, but continues to pay rent, and the landlord accepts it.
Covenant for leases - Answer: Agreements written into deeds and other instruments promising
performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.
Contract Requirements - Answer: In New York State, an individual must be at least 18 years of age to
enter into a contract.- Minors (less than 18 years old) CANNOT enter into a contract. The contract is
voidable if signed by a minor.- In New York State, an individual must be mentally and emotionally
capable to enter into a contract.
Signing the Sales Contract - Answer: Generally, the purchaser signs the contract of sale first because the
purchaser is the party making the offer. The purchaser is stating the purchase price he/she wants to
offer and the terms.
