Property Management
What is a 'lease renewal commission' in property management?
AAn IREC fee for renewing a lease
BA fee paid to the property manager when an existing tenant renews their lease✓ Correct
CA commission earned when a new tenant signs a lease
DA fee charged to the tenant for lease renewal
Explanation
A lease renewal commission is compensation paid to a property manager when an existing tenant renews their lease for another term. It is typically less than the commission for a new lease but compensates for the renewal effort.
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