TRUE/FALSEIn a commercial lease, the lessor (landlord) has the authority to set up the rent to request 3% of anticipated annual sales and if the sales exceed the anticipated amount, the lessor can also request 3% of the sales that exceed expectations.

TRUE/FALSEAlabama law dictates that a landlord may not receive a security deposit in excess of one month’s rent.

TRUE/FALSETitle insurance is a post-closing item that comes after the transaction and sale have been completed.

FILL IN THE BLANK (Write the correct answer in the textbox provided)One of the things a “mortgage policy” insures is that the mortgage is valid and enforceable, and the lender shall have the right to ___________ in the event the debt is not paid.

Multiple ChoiceThe historical sequence of all owners to a particular tract of real property beginning with the original owner and including all successive owners who have derived their title from the original owner is known as:

TRUE/FALSE A bona fide purchaser for value takes the property free and clear of any claims to or interest in the property by other parties.

TRUE/FALSESecurity deposit amounts are a percentage of the lease set by state statute.

TRUE/FALSEBecause title insurance companies insure against risks regarding “good title”, they will usually issue a policy regardless of possible problems to the title.

Multiple Choice: Drop-down box Under Alabama law, except in cases of emergency or unless it is impracticable to do so, the landlord shall give the tenant at least [blank] day(s) notice of the landlord’s intent to enter and may enter only at reasonable times.

TRUE/FALSEThe length of time for all title searches requires that chain of title be established for a minimum of 50 years.