Property Management
Philadelphia's rent control ordinance primarily applies to:
AAll residential rental units in Philadelphia
BLimited categories of units, with most residential rentals exempt under Pennsylvania's preemption of rent control✓ Correct
COnly units in buildings constructed after 1980
DCommercial office leases in Center City
Explanation
Pennsylvania state law generally preempts local rent control ordinances. Philadelphia has some tenant protections (eviction protections, Good Cause for Eviction) but broad rent control is limited by state preemption.
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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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