Property Management
A commercial lease 'estoppel certificate' is a document in which the tenant:
ATerminates the lease early
BCertifies the current status of the lease (rent amount, term remaining, any defaults) to a lender or buyer✓ Correct
CRequests a rent reduction
DConsents to a sublease
Explanation
An estoppel certificate is signed by a tenant confirming the material terms of their lease — rent, lease term, any defaults, and options — to a third party (usually a prospective buyer or lender). It is binding on the tenant and prevents them from later claiming different terms.
People Also Study
Related Rhode Island Questions
- When a Rhode Island commercial tenant exercises a renewal option in their lease, the new lease term is typically:Property Management
- A Rhode Island commercial tenant's lease expires and they remain in the space while negotiating a new lease with the landlord's knowledge and acceptance of rent. This is most likely a:Property Management
- What is 'tenant estoppel certificate' in Rhode Island commercial real estate?Property Management
- A Rhode Island commercial tenant requests to assign their lease to a new business. The lease requires landlord consent. The landlord must:Property Management
- A Rhode Island property held as joint tenancy has three owners. One owner sells their share to a third party. What happens to the joint tenancy?Property Ownership
- A Rhode Island commercial property is under a long-term lease below current market rent. How would an appraiser typically account for this?Property Valuation
- A Rhode Island housing provider who asks a prospective tenant about their national origin during the application process is:Fair Housing
Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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.
Study This Topic
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →