Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
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Let’s say someone applies for an apartment and the landlord informs them that based on their credit report, they are not going to rent them an apartment. According to FCRA, what information must they legally provide you about that decision.
The owner of an apartment building is deciding what rent to charge and how to cover any damages. A lease with a monthly rent of $1,000 would cover expenses, including normal wear and tear but no additional damage. Which of the following lease options would create an adverse selection of buyers due to private information?
Group of answer choices
Rent of $1,000 plus a one-time, nonrefundable cleaning fee of $300.
Rent of $1,100 plus a security and cleaning deposit of $500 that will be refunded less any damage repairs or cleaning.
Rent of $1,000 plus a security and cleaning deposit of $1,500 that will be refunded less any damage repairs or cleaning.
Rent of $1,300.
Most of us have had experience renting. Share your experience. List two good things you have done in the past that were helpful to you when you were searching for and renting an apartment. Also, name two mistakes you have made or lessons you have learned in renting an apartment. If you have never rented an apartment, what are the four things you think are most important when finding and renting an apartment?Explain why you have never rented.
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- Lorene, Inc., owns an apartment complex. The terms of Lorenes lease agreement require new tenants to pay the first and last months rent and a cleaning deposit at the inception of the lease. The cleaning deposit is returned when tenants move out and leave their apartment in good condition. If the apartment is not in good condition, Lorene hires a cleaning company and uses the tenants deposit to pay the cleaning bill, with any excess deposit returned. During the current year, Lorene receives monthly rents totaling 28,000, last months rent deposits from new tenants of 8,000, and cleaning deposits of 7,000. Lorene keeps 5,000 in cleaning deposits to pay the cleaning company bill on apartments that are not left in good shape (the 5,000 is the actual cost that is paid in cash to the cleaning company) and returns 4,000 in deposits. Lorenes expenses related to the rental property (other than the cleaning costs) are 14,000. What is Lorene, Inc.s gross income from the rental property if Lorene is a cash basis taxpayer? an accrual basis taxpayer?arrow_forwardWhich of the following describes the expenses of a triple net lease tenant? the tenant does not have any additional expenses beyond the rent specified on the lease rent + property taxes rent + maintenance rent + property taxes + insurance + maintenancearrow_forwardThe lessee compares the present value of owning the equipment with the present value of leasing it. Now put yourself in the lessor’s shoes. In a few sentences, how should you analyze the decision to write or not to write the lease?arrow_forward
- You are considering giving a loan to a prospective commercial property investor. You are concerned about their ability to earn sufficient income on the property relative to their annual mortgage payments. Which should you look at? (a) Debt coverage ratio (b)Loan to value ratio (c)Equity to debt ratio (d) The sale price of the property in foreclosure (e) The PITI divided by the debt servicearrow_forwardWhat are some factors Maria should consider when deciding to get the loan or the lease?arrow_forwardRisk and premiums for homeowners policies look at all of the following, EXCEPT: a) The results of the title search b) The property being insured c) The person buying the policy d) The type and amount of coveragearrow_forward
- Find out a real scenario of the lease (operating lease or finance lease) in which a company or an individual took the lease. Explain the whole process in your own words. And Discuss the difference between operating and finance lease with two examples for each All answers should be in your own words.arrow_forwardwhen evaluating a tenant and a lease proposal, the owner considers it?arrow_forwardFind a publicly traded company that has assets under capital lease on its balance sheet. Provide a link to the balance sheet in your post, and explain the details of the leasing transactions based on the amounts and disclosures found in the financial statements. What potential benefits do you think the company expected when choosing to lease, rather than buy, these assets? Do not choose a company that has already been reported on by one of your classmates. Participate in follow-up discussion by critiquing the posts provided by your classmates and defending their challenges to your post. All posts should be grammatically correct and proofread for spelling.arrow_forward
- Mortgage fees paid by the homeowner at, or prior to, closing on the purchase of a house typically include all but which one of the following? a. Application fee b. Title search fee c. Title insurance fee d. Appraisal fee e. Prepayment penaltyarrow_forwardIf the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect? Immediately after the closing of the purchase of the second building When the owners notify their insurance producer of the purchase When the owners notify their insurance company of the purchase When the owners pay the required additional premiumarrow_forwardIdentify housing alternatives, assess the rental option, and perform a rent to buy analysisarrow_forward
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