Property Management
A Delaware commercial property manager collects a 'CAM fee' from tenants. What does CAM stand for?
ACommercial Area Maintenance
BCommon Area Maintenance✓ Correct
CCentral Amenity Management
DContracted Annual Maintenance
Explanation
CAM stands for Common Area Maintenance. In commercial leases (especially retail), tenants pay a proportionate share of the costs to maintain common areas such as parking lots, lobbies, and landscaping.
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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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