Episode 099 - Real Estate Exam Questions: Leasing

Going through state exam questions to help real estate students pass their state exam.

 

01:35 – February: I feel your pain. A lot of new and intense information. Law school is just as much “fun”.

05:07 – List of recent grads: Andrew, Grace, Jacob, Tylea, Kayla, Erica, Denzel, Kyle, Anu, Sharika, Brandy, Jesika, Matias, Omayra, Kemberly, Denise, Wallace, Ingrid, Ryan, Jonathan, Kendall, Orchid, Len, Gail, Ashley, Joseph, Monica, Kay, Latoya, Cierra, Britney, Kiana, Stephanie, Asia, Thomas, Shelley, Krystyn, Madeleine, Kynia, Andrew, Kellie, and Sam.

06:55 – Messages from Jonathan and Ryan.

09:45 – Episode Focus: leasing; pay attention to the legal pieces and “forget” what you know about the real world of rental situations.

12:20 – Parties to the lease: lessor (landlord) and lessee (tenant). Bundle of legal rights and what rights do each party have? Leased fee vs. Leasehold. Reversionary rights. Statute of frauds – lease for less than 12 months.

20:00 – Types of leasehold estates: Estate for years, Estate from period to period (Periodic tenancy), and estate at will. Estate at sufferance, holdover tenant at sufferance.

34:10 – Leasing consideration: possession of premises (quiet enjoyment); use of premises; security deposit (possession vs. ownership); Assignment versus Sublease; Nondisturbance clause.

44:00 – Types of leases: gross, net, and percentage leases; variable leases (graduated lease and index lease); ground lease.

51:10 – Breach in a lease: if tenant breaches, landlord remedy is to evict tenant; if landlord breaches, tenant remedy is constructive eviction.

52:25 – Leasing of real estate law exam questions.

1:04:10 – Calculation rental price per square foot: $18/square foot for 2,400 square feet of space: $18 x 2,400 =- $43,200 / 12 = $3,600.

1:07:50 – March’s episode will be about Closing a real estate transaction (also known as close of escrow). I will get into the mechanics of a closing, the federal oversight including RESPA, TRID, and Truth in lending, and finish with an in-depth explanation of proration including debits, credits, accrued and prepaid items, and the math behind the glory of proration.

 

Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.

 

Go to www.indianarealestateinstitute.com for Indiana real estate classes.

 

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