A buyer in Alaska purchases a property and later discovers there is an existing lease the seller did not disclose. Under the principle that 'a lease survives sale,' the buyer:
Why Must honor the existing lease and cannot evict the tenant before the lease term ends Is Correct
Answer B: Must honor the existing lease and cannot evict the tenant before the lease term ends
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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