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Preexisting Leases: Definition & Implications

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The owner is the _____ who grants the right of occupancy and use; the tenant is the _____, who has been granted the right to use the property.

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1.

In a private housing development, there may be provisions in a deed that limits the use of the property and bans other uses. They ascertain what the minimum house size should be, where the setback lines are, and defines standards of acceptable appearance.

These provisions are called _____

2. _____ are monetary claims against a property to secure an obligation or debt of the property owner. They are an encumbrance on the property and are generally placed by creditors, mortgages, or for back taxes.

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About This Quiz & Worksheet

Test your knowledge on preexisting leases using this quiz and worksheet. The questions cover definitions related to lease terminology and problem solving in unclear lease contract situations.

Quiz & Worksheet Goals

These areas are covered in the questions:

  • Lease definitions of owner and tenant
  • The rights to break contracts with a change in management
  • Type of offense that might be a reason for a fine
  • Provisions that limit the use of a property
  • Encumbrance related to back taxes

Skills Practiced

You can practice these skills with the quiz:

  • Defining key concepts - ensure that you can accurately define main phrases, such as tenant and owner
  • Knowledge application - assess how lease contracts affect moving rights
  • Information recall - access the knowledge you've gained regarding monetary claims and deed provisions

Additional Learning

The partner lesson Preexisting Leases: Definition & Implication has more information about this area. The following topics are included:

  • Lease basics
  • Homeowners association rules and private restrictions
  • Government regulations including environmental hazards and public easements
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