Reading Comprehension Practice Questions

Question 1 of 5

Read the passage and answer the question. "A holdover tenancy occurs when a tenant remains in a unit after the lease has expired. The landlord may treat the tenant as a trespasser and seek possession, or accept rent and treat the relationship as a month-to-month tenancy. The choice often depends on whether the landlord wants the tenant to remain." What are the landlord's options when a holdover tenancy arises?

• AOnly seek possession.
• BOnly accept rent and continue the relationship.
• CEither seek possession or accept rent under a month-to-month arrangement.
• DSell the unit immediately.

Question 2 of 5

Read the passage and answer the question. "In some condominium buildings, parking and locker units are deeded as separate property elements rather than being included with the residential unit. Buyers who assume parking comes with the unit can be surprised at closing if no parking deed appears in the documents." What is the author's main warning?

• ACondominium parking is always free.
• BBuyers should verify whether parking is deeded with the unit.
• CLocker units are mandatory in all condominiums.
• DParking deeds expire after one year.

Question 3 of 5

Read the passage and answer the question. "Although the property had been listed for less than a week, three offers arrived on the same evening. The selling agent reviewed each offer with the seller, who chose to sign back to the buyer with the strongest combination of price, financing strength, and shortest closing window. The other two offers were politely declined." Which criterion did the seller use, according to the passage?

• APrice alone.
• BA combination of price, financing strength, and closing window.
• CThe closest physical location of the buyer.
• DRandom selection.

Question 4 of 5

Read the passage and answer the question. "While both leases and licences grant access to a property, the legal rights they convey are quite different. A lease creates an interest in land and gives the tenant exclusive possession for a defined term. A licence is merely a permission to use the property and does not create a property interest. As a result, licensees can usually be removed more easily than tenants." According to the passage, what is the key difference between a lease and a licence?

• ALeases are always free; licences require payment.
• BA lease creates a property interest with exclusive possession; a licence does not.
• CLicences last longer than leases.
• DOnly leases can be cancelled.

Question 5 of 5

Read the passage and answer the question. "The agreement of purchase and sale was scheduled to close on October 15. The seller's lawyer informed the buyer's lawyer one week before closing that the property had a previously undiscovered easement allowing a neighbour to cross a corner of the lot. The buyer demanded that the issue be resolved before closing." What is an easement, based on context?

• AA type of mortgage payment.
• BA right that allows another party to use a portion of the property.
• CA discount on property taxes.
• DA document confirming the closing date.