Adulting Unit 3: Moving/Credit

A lease is a ________, ________ contract outlining the terms under which one party agrees to rent property owned by another party.

• legal, binding

• temporary, verbal

• casual, informal

• unwritten, optional

The person renting a property is called the ________ (also 'Lessee').

• Tenant

• Landlord

• Broker

• Owner

The person who owns the property and collects rent is called the ________.

• Landlord

• Tenant

• Agent

• Caretaker

The company that acts on behalf of the owner to manage the property, collect rent, provide keys, and take maintenance requests is called the ________.

• Property Manager/Management Company

• Tenant Association

• Real Estate Broker

• Leasing Agent

The duration of the lease agreement, or the period for which the tenant is renting the property, is called the ________.

• Term

• Deposit

• Notice

• Rent

Fill in the blank: A failure to fulfill the terms of the lease, such as not paying rent or violating other rules, is called a (a)   .

The actions that a party can take if the other party defaults on the lease are called ________.

• Remedies

• Obligations

• Considerations

• Assignments

When the tenant rents out a portion or all of the property to another party (a subtenant) while remaining responsible for the lease, this is called ________.

• Subletting

• Eviction

• Foreclosure

• Assignment

Fill in the blank: The formal way that parties communicate with each other as required by the lease, often specifying the method and address, is called a (a)   .

The rules about safety devices are:

• They must always be in place and functional.

• They can be removed if not needed.

• They are optional for experienced workers.

• They are only required during inspections.