Property Management
A property manager discovers a tenant is running an unlicensed business from their apartment. The manager should:
AIgnore it as not their concern
BNotify the property owner and, if the lease prohibits commercial use, take appropriate steps to enforce the lease✓ Correct
CReport it to the IRS
DAllow it if the tenant pays additional rent
Explanation
Commercial activity in violation of the lease is a lease violation. The manager should notify the owner and may need to send a cure notice or take lease enforcement action per Connecticut landlord-tenant law.
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Key Terms to Know
Earnest Money
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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