PSI PSI Real Estate Agency and Property Management 3

Question 1

What is the key distinction between a tenant at will and a tenant at sufferance?

Accepted Answer

A tenant at will has the landlord's permission to stay; a tenant at sufferance does not

Answer

A tenant at will occupies property with the landlord's ongoing permission (no fixed term), while a tenant at sufferance remains without permission after the lease has expired.

Question 2

Which lease clause protects the tenant's position by ensuring that a new property owner must honor the existing lease?

Accepted Answer

Non-disturbance clause

Answer

A non-disturbance clause guarantees that if the property is sold or foreclosed, the new owner will honor the existing tenant's lease rights.

Question 3

A landlord enters a tenant's apartment without notice to make a non-emergency repair. This could constitute:

Accepted Answer

Breach of the covenant of quiet enjoyment

Answer

The covenant of quiet enjoyment guarantees a tenant the right to use the property without interference from the landlord; unauthorized entry can breach this covenant.

Question 4

Which agency relationship grants the agent authority to act on behalf of the principal in all matters?

Accepted Answer

Universal agency

Answer

A universal agent has the broadest authority and is empowered to act for the principal in all legal matters, often established through a power of attorney.

Question 5

When a property manager negotiates a lease renewal, which duty requires them to keep the tenant's financial limitations confidential from the landlord?

Accepted Answer

Confidentiality

Answer

The duty of confidentiality requires the agent to protect sensitive information shared by the principal and not disclose it to adverse parties.

PSI - Exams Practice Test

PSI - Exams Practice Test

PSI PSI Real Estate Agency and Property Management 3