Property Management
An 'anchor tenant' in a shopping center refers to:
AA. The first tenant to sign a lease in a new development
BB. A major, well-known retailer whose presence attracts traffic and makes the center viable✓ Correct
CC. A tenant with the longest remaining lease term
DD. A government agency that occupies space in a commercial center
Explanation
An anchor tenant is a major, well-known retailer (department store, big-box store) that draws significant foot traffic to a shopping center. Their presence is critical to the center's viability and attractiveness to other tenants.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Earnest MoneyA 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.
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