Review of Unit 6: First Major Obligations

Which of the following lease terms (the length of a lease) is often the most expensive?

• Month-to-month

• Three months

• Six months

• One year

Which of the following up-front lease expenses is most likely to be refunded?

• First month’s rent

• Last month’s rent

• Security deposit

• Pet deposit

• Application fees

Which of the following maintenance issues is most likely going to be the responsibility of the tenant not the landlord?

• Replacing the carpet

• Painting the walls

• Replacing tiles in the kitchen

• Installing blinds on the windows

• Changing burned out light bulbs

Tyler is excited for his new apartment but was shocked at the amount of money he needed up front to sign his lease. The rent is only $750 a month. However, upon signing, Tyler had to pay first and last month’s rent, a $300 security deposit, and a $150 pet deposit. What amount did Tyler pay in total?

• $900

• $1,200

• $1,350

• $1,950

• $2,400

It is always a good idea to walk through an apartment before signing the lease.

• True

• False

Most apartment rent includes the cost of gas and electric utilities.

• True

• False

Every lease agreement will allow subletting.

• True

• False

Most lease agreements contain a provision that allows the landlord to enter the home under certain reasonable conditions.

• True

• False

Avery and Kara decide to get an apartment together after graduation. They are both on the lease. Things go well until Kara loses her job. Which of the following best describes what will happen if Kara can’t pay her half of the rent?

• Avery is not required to pay any rent if Kara doesn’t pay her share.

• Avery’s credit will be safe as long as she pays her half of the rent.

• Avery will have to pay the entire rent, but Kara’s credit will still be damaged.

• Avery will only have to pay her share of the rent and doesn’t have to worry about Kara because they signed separate contracts.

• Avery will have to pay all of the rent or both of their credit scores could be damaged.

Lease agreements are legally binding contracts and can result in lawsuits and damaged credit if they are broken.

• True

• False