Lease Terms Quiz

Make sure you understand the terms of your lease before you sign.

1

The terms of your lease agreement should include:

A lease is a legal binding contract that sets the terms for your occupation of a rental property. This should include information about how and when to pay your rent, the length of your lease and any property rules that you will need to follow.

question 1/5

2

A(n) ________ is a sum of money that you pay your landlord before moving in as a precaution for potential damage or unpaid rent payments during your lease.

A security deposit is a sum of money that you pay your landlord before moving in as a precaution for potential damage or unpaid rent payments during your lease. This money will be returned in part of in full at the end of your lease depending on the condition of your unit.

question 2/5

3

True or false: Your lease should indicate who is responsible for regular repairs and maintenance needed in your unit.

True. Your lease should indicate who is responsible for regular repairs and maintenance needed in your unit, as well as instructions for how to submit a service request.

question 3/5

4

A(n) ________ is a fee charged by some apartment complexes to maintain common areas that are available to all renters.

An amenity fee is a fee charged by some apartment complexes to maintain common areas that are available to all renters. This can include features such as gyms, business centers and outdoor spaces.

question 4/5

5

Most lease agreements require a notice to vacate __________ in advance of your planned move out date.

Most lease agreements require a notice to vacate 30-60 days in advance of your planned move out date. If you need to exit your unit sooner, you may be liable for some or all of any remaining monthly rent payments and/or a lease termination fee.

question 5/5

★

You scored 0 out of 5.

 

Great job! It looks like you have a solid understanding of lease agreements.

You’re on the right track, but consider learning more about common language and terms included in a lease agreement.

Go Ahead. Share your score!

My Home in your inbox

Sign up to receive resources, tools and tips about buying, owning, refinancing, selling and renting a home in your inbox.