Property Management
In Tennessee, 'effective rent' differs from 'asking rent' because effective rent:
AIs always higher than asking rent
BAccounts for concessions such as free rent periods or tenant improvement allowances✓ Correct
CIs the rent after utility deductions
DIs only used for commercial properties
Explanation
Effective rent is the actual economic rent after accounting for concessions — free rent periods, tenant improvement allowances, or other incentives that reduce the actual economic benefit to the landlord.
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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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