Property Management
A Maine property manager receives a maintenance request from a tenant for a minor repair. Under a gross lease, the cost of the repair is paid by:
AThe tenant
BThe property owner/landlord✓ Correct
CSplit equally between tenant and landlord
DThe property management company
Explanation
Under a gross lease, the landlord/owner is responsible for most operating expenses, including maintenance and repairs. The tenant pays a flat rent and the owner handles building expenses.
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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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