Property Management
A Virginia property manager is negotiating a lease for a commercial tenant. A percentage lease is one where:
AThe tenant pays only a percentage of market rent
BThe tenant pays a base rent plus a percentage of gross sales✓ Correct
CThe landlord retains a percentage of the security deposit
DThe management fee is a percentage of net income
Explanation
A percentage lease (common in retail) requires the tenant to pay a base rent plus a percentage of gross sales above a specified threshold (the breakpoint). This aligns the landlord's income with the tenant's business success.
Related Virginia Property Management Questions
- A Virginia property manager collects rents in a fiduciary capacity. These funds must be:
- A Virginia property manager who receives notice that a tenant has been infected with a communicable disease should:
- A Virginia commercial landlord wants to evict a tenant who has not paid rent. The first legal step is typically to:
- In Virginia, a commercial tenant holdover (staying past lease expiration) without a new agreement typically converts the tenancy to:
- Under the VRLTA, a Virginia landlord must return a security deposit within how many days after the tenant moves out?
- A Virginia landlord who accepts rent after serving a pay-or-quit notice may have:
- A Virginia property manager must provide an annual accounting to the property owner. This accounting typically includes:
- A Virginia landlord who is also a VREB licensee and manages rental properties they personally own:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →