Property Management
Which of the following is a key component of a Rhode Island residential lease agreement?
AThe tenant's credit score
BThe term of the lease, rent amount, and parties' obligations✓ Correct
CThe lender's name and loan number
DThe property's appraised value
Explanation
A valid Rhode Island residential lease should include the term, rent amount, payment due dates, parties' identities, property description, and the respective rights and obligations of landlord and tenant.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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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