Exam topics · Tennessee
Leasehold estates, landlord and tenant obligations, security deposits, and where property management crosses into license territory.
Leasehold vocabulary looks trivial until a question hinges on whether a tenancy automatically renews, and property management questions quietly test fiduciary duty and trust accounting rather than leasing.
Every leasing question starts by identifying which one you are in.
A gross lease means the tenant pays rent and the landlord absorbs operating expenses. A net lease shifts some or all of taxes, insurance, and maintenance to the tenant. A percentage lease adds rent based on sales and is common in retail.
The landlord must deliver possession and maintain habitability and required systems; the tenant must pay rent, avoid waste, and comply with the lease. Security deposits are the tenant's money held under specific handling and accounting rules, and self-help eviction — changing locks or shutting off utilities — is never permitted.
Managing property for others for compensation is licensed activity. A property manager owes the owner fiduciary-style duties, handles owner funds through a proper trust account, and works under a written management agreement that defines authority, fees, and reporting.
It ends on the stated date automatically. It is the periodic estate that needs notice.
It belongs to the tenant until properly applied, and it must be handled under the deposit rules.
A valid lease generally survives a transfer of ownership; the buyer takes subject to it.
Managing property for others for compensation is generally licensed activity. Narrow exceptions exist, such as an owner managing their own property or certain salaried on-site staff.
No. Deposits cover unpaid rent and damage beyond ordinary wear and tear, subject to the required accounting.
A tenant who remains after the lease term ends without permission — an estate at sufferance.
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