A net lease where the tenant pays base rent plus property taxes, insurance, AND maintenance and repairs is called a(n):
Why Triple net (NNN) lease Is Correct
Answer C: Triple net (NNN) lease
Exam Tip: Property Management
Property management questions cover landlord-tenant law, security deposits, and maintenance responsibilities. Know the differences between gross, net, and percentage leases.
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Related Alabama Questions
- A commercial lease with a base rent plus operating expense pass-throughs is commonly called a(n):Property Management
- A gross lease in Alabama means the tenant pays:Property Management
- A net lease requires the tenant to pay:Property Management
- A gross lease requires the tenant to pay:Property Management
- A buyer's lender requires a lender's title insurance policy. Who typically pays for this in Alabama?Escrow & Title
- A property management company collects first and last month's rent plus a security deposit from a new tenant. Which portion(s) must go into a trust account?Trust Funds
Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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