Unit 5 - Renting Review

Renting would be most appropriate for people who _____.

• want to reduce their taxes

• have difficulty establishing credit

• have limited funds currently available

• enjoy remodeling their residence

The person that owns the property that is rented.

• tenant

• landlord

• real estate agent

• lawyer

A disadvantage of renting is _____.

• more responsibilities

• high initial costs

• restricted activities

• eligibilit for tax deductions

Your biggest monthly expense as a tenant is the _____.

• rent

• security deposit

• utilities

• renters insurance

The legal document involved in renting an apartment is called a ­­­­­_____.

• deed

• mortgage

• lease

• security deposit

The purpose of a security deposit is to _____.

• pay for potential damages

• cover the costs of utilities

• pay for the tenant's portion of real estate property taxes

• cover increases in monthly rent

What is the purpose of subletting an apartment?

• to increase the rent

• to lower maintenance costs

• to convert the units to condominiums

• to obtain another tenant to complete a lease period

To sublet is to let a roommate move in with you and share the cost of renting.

• True

• False

Most people select a place of residence based on available financial resources, needs, and lifestyle.

• True

• False

A lease protects the rights of both the tenant and the landlord.  

• True

• False