Renting an Apartment Flashcard

Front

What must you do when you decide to move out of an apartment?

Back

You must give the landlord the required notice stated in the rental agreement.

Front

Who is considered the tenant in a rental agreement?

Back

The tenant is the person who rents the apartment or house, for example, Karen Smith.

Front

What is the term for the owner of a house or apartment to whom the tenant pays rent?

Back

Landlord.

Front

True or False: It is important to read a rental agreement carefully before signing it.

Back

True.

Front

What percentage of your take-home pay do financial experts recommend you should spend on rent?

Back

30% of your take-home pay.

Front

What is a rental agreement?

Back

A rental agreement is a contract between a landlord and tenant outlining the terms of renting a property.

Front

What is a security deposit?

Back

A security deposit is a sum of money paid to the landlord to cover potential damages or unpaid rent.

Front

What is the purpose of giving notice before moving out?

Back

To inform the landlord of your intention to vacate the property and to comply with the rental agreement.

Front

What are common lease terms found in a rental agreement?

Back

Common lease terms include duration of the lease, rent amount, and rules regarding pets.

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.