Question

20. Which of the following leases is based on a minimum fixed rental fee plus a percentage of the gross income.

A. Percentage net lease

B. Option lease

C. Gross lease

D. Net Net Net lease

21. Larry and Dale were roommates. Dale pays Larry for the rent and Larry pays the landlord. Dale’s position would be:

A. Assignor

B. Sublessee

C. Assignee

D. Sublessor

22. Which of the following leases would be known as a sandwich lease:

A. Gross lease

B. Net lease

C. Sublease

D. Graduated lease

23. Karen has a verbal agreement with her landlord to rent an apartment for nine months. The statute of frauds states that a real estate contract must be in writing to be enforceable. Karen needs to move because of a job transfer. Can the landlord hold Karen to the lease?

A. Yes, because a lease less than a year does not need to be in writing to be enforceable

B. No, because the statute of frauds says it must be in writing

C. Yes, because the landlord tenant laws always leans towards the lessee

D. No, because the landlord tenant laws always leans towards the lessor

Answer 1

Answer(20): (A), Percentage net lease is the correct option.

Percentage net lease is the lease in which tenant pays a base rent and a percentage of the gross revenue. This term belongs to commercial real estate.

Answer(21): Option "B" is correct that says "Sublessee"

Dale’s position would be "Sublessee".

Answer(22): (C) Sublease is correct option.

Sublease is also known as Sandwich lease in which, tenant takes the property on lease from landlord and rents it again to some other party.

Answer(23): (A) Yes, because a lease less than a year does not need to be in writing to be enforceable.

Option "A" is correct.

If lease is less than one year, it does not need to be in writing. It can orally or verbally. It is also called "Handshake agreement".