Property Management
A NC residential property manager whose client (property owner) wants to raise rent by 50% immediately in violation of a valid lease should:
AImplement the increase immediately as the owner instructed
BAdvise the owner that rent cannot be increased mid-lease without tenant consent and that doing so would breach the lease✓ Correct
CServe the tenant a 30-day notice immediately
DContact the NCREC for approval
Explanation
A valid lease locks in the rent for its term. A unilateral mid-lease rent increase would breach the lease and expose the owner to liability.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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