Leases and Property Management Flashcards
6 cards from real Arkansas Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Leases and Property Management flashcards as text
A leasehold estate that runs for a definite, fixed period of time is called a:
Answer: Estate for years
An estate for years is a leasehold with a fixed start and end date, regardless of whether the term is days or decades.
A month-to-month rental agreement is an example of which type of tenancy?
Answer: Periodic tenancy
A periodic tenancy automatically renews for successive periods until either party gives proper notice to terminate.
In Arkansas, what is the minimum notice required to terminate a month-to-month tenancy?
Answer: 30 days written notice
Arkansas law requires at least 30 days written notice to terminate a month-to-month tenancy.
A tenant who remains in possession of a property after the lease expires without the landlord's consent is known as:
Answer: A holdover tenant or tenant at sufferance
A tenant at sufferance holds over after lease expiration without permission, creating a situation the landlord can treat as trespass or a new tenancy.
Which of the following best describes a gross lease?
Answer: The tenant pays a flat rent and the landlord pays all operating expenses
In a gross lease, the tenant pays one fixed rent amount and the landlord is responsible for all operating expenses such as taxes, insurance, and maintenance.
A net lease in commercial real estate requires the tenant to pay:
Answer: Base rent plus some or all of the property's operating expenses
In a net lease, the tenant pays base rent plus designated operating expenses such as property taxes, insurance, and/or maintenance.