0 of 47 Questions completed
You have already completed the assessment before. Hence you can not start it again.
Assessment is loading…
You must sign in or sign up to start the assessment.
You must first complete the following:
0 of 47 Questions answered correctly
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Abatement of rent is the addition of a portion of rent during the lease term.
Abatement recapture is a provision contained in a lease which conditions tenant’s receipt of free or abated rent, a tenant improvement allowance, any cash or other bonus, inducement or consideration for tenant’s entering into the lease upon tenant’s full and faithful performance of all of the terms, covenants and conditions of the lease.
Absorption is the amount of inventory of leasable space that became leased during a particular time period in a specific market, typically reported as the absorption rate.
Absorption rate is the rate at which available properties are leased in a particular market during a specified time period, usually expressed as a percentage of total square footage.
An accelerated rent provision is a lease clause requiring immediate payment of all sums due for the balance of the lease term subsequent to an uncured tenant default or early lease termination event.
An ACP-5 is a certificate indicating the presence (or lack thereof) of asbestos containing material in compliance with applicable law.
An ad valorem tax is a tax based upon the assessed value of real estate or personal property.
ADA compliant is a term describing a commercial property that complies with the Americans with Disabilities Act (“ADA”).
The add-on factor is all sums due to a landlord pursuant to a lease other than base or fixed rent, which may include, among a plethora of items, real estate taxes, common area expenses, operating cost escalations, sub-metered charges and attorneys’ fees payable to a landlord.
An alteration is work performed or to be performed to the outside of a building, generally considered to be structural work.
The Americans with Disabilities Act is a federal law prohibiting discrimination against individuals with disabilities in employment, transportation, public accommodation, communications, and governmental activities.
Amortization can be described as the process of spreading out the deduction – often on a straight line basis – of capital expenses, loans, free rent concessions or even tenant improvement allowances granted by a landlord to a tenant over a period of time.
Amperage is the term used by tenants to describe how they can maximize the use of its space.
An anchor tenant is a major or principal tenant serving as the primary draw to a shopping center or building.
Antenna rights are the rights of a tenant, at its sole cost and expense, to install, service, maintain, and replace during the term of its lease an antenna (often limited to 18 to 24 inches in diameter) for their use and not for use by any other party.
Architectural fees are the costs of the services of an architect to a landlord or tenant, usually expressed as either a percentage of the total contract amount or based on the square footage of the space.
The ASHRAE comfort chart is a standard often requested by tenants in a lease requiring that HVAC shall be provided to a tenant’s space at minimum specified standards to maintain year round comfort.
“As is” or “as-is condition” is the existing condition of the premises with all faults and defects and without repair by landlord.
Attornment is a provision in the lease detailing the rights of, and procedures for, allowing (or not allowing) a tenant to assign its lease (whereby tenant’s entire interest in the lease and the premises to which it relates is transferred to another party), or to sublet all or a portion of the premises to another party (whereby a tenant transfers less than its entire interest in the lease and the premises).
Assignment is a transfer by a tenant of its entire interest in the lease and the premises to another party.
Attorn or attornment is the agreement and acknowledgment to “become the tenant” of a new landlord for the building (e.g., in the case of the current landlord’s mortgage being foreclosed) or to the owner of the same property.
Base rent is the minimum or base amount of rent payment as set out in a lease and is often referred to as “fixed rent.”
A base year is the year used in a lease for comparison in the measure of a business activity (the “breakpoint” for percentage rent payable to a landlord in some retail leases) or economic index (the fiscal or calendar base year for operating cost or real estate tax escalations).
Licensed professionals who represent buyers, sellers, landlords, and tenants in arranging real estate transactions for a commission or fee are known as brokers.
A brokerage agreement is the agreement detailing the relationship between a landlord and a broker (or a tenant and broker) and the myriad of terms and conditions relating to if, when, how, by whom and at what rates a fee shall be paid to a brokerage company for the services conducted by it on a real estate transaction such as an executed lease or a closed sale of real property.
The fee paid to a brokerage company for the services conducted by it on a real estate transaction such as an executed lease or a closed sale of real property is known as the down payment.
Broom clean condition is the absolute minimal condition a space should either be delivered to a tenant at possession or returned to a landlord at lease termination, (e.g., all carpets and floors broom swept and/or vacuumed, and all personal property (which has not been included in the lease to remain in the premises), trash and other debris removed).
The working definition often used by many for defining builder’s risk insurance is coverage to protect an individual and/or entity’s insurable interest in fixtures, materials, and/or equipment used in the construction or renovation of a building or structure in the event those items sustain any loss or damage from a covered cause under the policy.
When it comes to building classifications, the highest-quality office spaces on the market are considered Class A. Generally speaking, these spaces are newly constructed (or recently retrofitted) and have been outfitted with top-of-the-line fixtures, amenities and systems. Class B properties are considered “average” as far as office spaces go.
A building code is a set of rules and regulations provided by the landlord that all tenants in the landlord’s building must abide by.
Building standard is a particular style and level of quality (and quantity in certain instances) of building materials, finishes, and accessories (e.g., paint, carpet, fixtures, lighting, flooring, doors, etc.) used by a landlord in a specific commercial building.
Improvements made to the interior of the leased premises according to a tenant or landlord’s building specifications are known as built-ins.
A burndown (also referred to as a “reduction”) of a security deposit is a provision in a lease permitting the amount of the required security deposit to decrease over time subject to specified benchmarks and conditions.
Carrying charges are expenses incurred as a result of property ownership, including maintenance costs, real estate taxes, insurance and mortgage payments.
A cash security deposit is cash given at lease execution to a landlord from a tenant as “collateral” to ensure tenant’s performance of its monetary and non-monetary covenants under the lease.
Caveat emptor is Latin for “let the buyer beware.” In the context of real estate, it stands for the principle that the buyer (or tenant) bears the burden to inspect the property before purchasing (or leasing) it at his or her own risk.
A certificate of occupancy is a document issued by a local government agency or building department after inspection verifying a building’s or leased premises’ compliance with applicable building codes and other laws, and indicating such space to be in a condition suitable for a tenant’s and/or a building’s permitted use and occupancy.
Cleaning specifications are generally an exhibit attached to the lease that details what cleaning services are to be provided to a tenant by its landlord at no cost.
A cold shell is a space or building delivered to a tenant with a finished interior.
Common areas are those areas of a building and its property that are available for non-exclusive use by all tenants or groups of tenants and their invitees, such as lobbies, corridors, parking lots and other building amenities.
Common area maintenance (“CAM”) are charges paid by the tenant, in addition to base rent or fixed rent, for the upkeep of the areas designated in a building or property for the use and benefit of all tenants.
Comparable space is space in a tenant’s building, or within a pre-established radius of such building, with characteristics similar to the existing space including, without limitation, in terms of: (1) finishes, (2) the amount of overall windows, (3) bullpen space, (4) windowed offices, (5) usable square feet, and (6) if in a high rise building, the location of the space in terms of the view (and if another building, in terms of amenities and location on an “avenue” or “side street”), and if a retail space, in a still visible and well trafficked location.
A comparison year, with respect to real estate taxes, operating expenses or other escalations, is any year subsequent to the base year (e.g., base tax year or base operating year) for any part or all of which there is additional rent payable in addition to the base or fixed rent provided for under the lease.
Compatible labor is defined as contractors who work side by side, on the same project, or in the same building causing union issues, strikes, work stoppages, picketing or riots.
Compliance with law is the obligation to conform to a rule, specification, policy, standard, regulation, ordinance, code or law.
Community boards are, in theory, boards designed to improve the quality of life of those living and working in New York City in designated districts.
Condemnations are incentives used by landlords in the form of free rent, tenant improvement allowances, cash, above-building-standard finishes, buy-outs of a tenant’s lease in another building, and other incentives used to induce prospective tenants to either relocate to or remain in its building.