Exam 2026 Actual Complete Real Exam Questions And Correct
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Force Majeure - ANSWER-Circumstances beyond the
tenant of landlord's
control that could affect performance of
the contract
Term - ANSWER-beginning and ending date
Demised premises - ANSWER-spaces transferred from the
landlord to the
tenant by the
lease
CAM - ANSWER-includes hallway, lawn and elevator
maintenance
Indemnify - ANSWER-Defend
Gross Lease - ANSWER-a lease of property where the landlord
pays charges
, regularly incurred in ownership,
such as taxes
Net Lease - ANSWER-in addition to rent, the tenant pays
expenses such as
taxes
Single Net Lease (N) - ANSWER-tenant pays rent and property
taxes
Double Net Lease (NN) - ANSWER-tenant pays rent,
property taxes, and
property
insurance
Triple Net Lease (NNN) - ANSWER-tenant pays rent, property
taxes, property
insurance, and
maintenance
Feasibility Period - ANSWER-Also known as due diligence
period
UCC Search - ANSWER-filed with the county clerk by an
equipment leasing
company notifying the public that there is a prior lease/lein
on the equipment