Property Management
Which type of lease is most common for residential tenancies?
ATriple net lease
BPercentage lease
CGross lease✓ Correct
DGround lease
Explanation
Gross leases are most common for residential tenancies. The tenant pays a fixed rent, and the landlord covers most or all operating expenses including taxes, insurance, and maintenance.
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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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