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5 Cards in this Set

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  • Back
A lease for a three-year term, which called for rent to be paid quarterly, expired. If at the end of the term, the landlord were to accept another payment of rent, the lease would be:

A. Extended another three years
B. A periodic tenancy
C. Extended for a term not to exceed one year
D. Cancelled in any event
B - The original three-year contract is no longer in effect and when the broker accepts additional rent, it creates a periodic tenancy.
Marx gets to one of his barns by driving across McDonald's land. He has been making the drive daily for the past six years. McDonald had often asked Marx to stop this practice. Marx now says he has a legal right to continue this use of McDonald's land. Marx's right, if valid, is an easement by:

B.Implied Grant
C - A prescriptive easement is acquired through adverse use of another's property for a five year, continuous period. From the facts given in the statement it would appear that this is an easement by prescription.
The general term value means:

A.The function of an object
B.The average use and function of an object to all people
C.The worth, usefulness, or utility of an object to someone for some purpose
D.A good buy
C – term Definition
A prospective purchaser obtained a four-month option on a parcel of real property by paying $200 to the owner. All of the following are true EXCEPT:

A.The optionee has created a legal interest in the property
B.The optionor is totally restricted by having received a "valuable" consideration
C.The agreement imposes no obligation on the optionee to purchase the property
D.A unilateral contract has been created
A - An option is not an interest in property; it is a unilateral contract in which the optionor is bound, but the optionee is not.
Race restrictions limiting the sale or lease of property to persons of the Caucasian race were imposed on a subdivision in 1920, due to expire in 1995. The restrictions are presently:

A.Valid, as long as the original owner is still alive
B.Unenforceable, even though the majority of homeowners want them
C.Enforceable, if the buyer agrees
B - Racial deed restrictions are unenforceable.