Property Management
In Rhode Island, what is 'assignment of lease' by a tenant?
AThe landlord's transfer of the property to a new owner
BThe tenant transfers all of their remaining lease rights and responsibilities to a third party (assignee)✓ Correct
CThe tenant's right to sublease only a portion of the space
DThe termination of the lease by mutual agreement
Explanation
An assignment of lease transfers the tenant's entire remaining lease interest to a new party (the assignee), who assumes the tenant's obligations. Many leases require landlord consent for assignment.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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