Leasing License Practice Exam

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Prepare for the Leasing License Test using our comprehensive flashcards and multiple-choice questions. Each question includes hints and explanations to enhance your learning experience. Excel in your examination!

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When a lease is valid, what impact does a condominium conversion have on the tenant?

The tenant must vacate immediately
The tenant retains their lease terms
The tenant has no rights until the lease ends
The tenant can demand to purchase the unit

The correct answer is: The tenant retains their lease terms

When a lease is valid, a condominium conversion typically allows the tenant to retain their lease terms. This means that even if the property is being converted into condominiums, the existing lease agreement remains in effect. The tenant can continue to occupy the rental unit under the terms set forth in their lease, such as rent amount and duration, without being affected by the conversion process. In many jurisdictions, laws are in place to protect tenants during such conversions, ensuring they maintain their rights under the lease. The conversion does not automatically result in a termination of the lease, and tenants are not required to vacate immediately simply because the property changes ownership or usage. Instead, they have stability and security through the continuation of their lease until its natural expiration or until mutually agreed terms for termination or negotiation occur with the landlord or new property management.