Renting an Apartment Flashcard

Front

When does the rental agreement begin?

Back

The rental agreement begins on Sept. 1, 2016.

Front

The person that rents from a landlord is called a _____________.

Back

Tenant

Front

What are the additional costs Eric must pay when renting an apartment?

Back

Application fee (5% of rent), credit application fee ($80), security deposit (equal to one month's rent), last month's rent.

Front

How much does Eric expect to pay at the time of signing the lease?

Back

$1,605.

Front

How much is rent and when is it due?

Back

$1150 due on the 1st by 5:00 pm.

Front

A rental agreement is often referred to as:

Back

A lease.

Front

What is a security deposit?

Back

A security deposit is an amount paid to the landlord to cover potential damages or unpaid rent.

Front

What is an application fee?

Back

An application fee is a charge for processing a rental application, often a percentage of the first month's rent.

Front

What is the difference between a tenant and a landlord?

Back

A tenant is the person renting the property, while a landlord is the owner of the property.

Front

What does 'last month's rent' mean?

Back

Last month's rent is the rent payment made in advance for the final month of the lease.