When it comes to renting a property, tenants and landlords need to come to an agreement on the terms of the lease. One of the most common agreements is where rent is paid by the month. This type of lease allows tenants to pay their rent on a monthly basis instead of upfront for the entire lease term.
If you`re new to renting a property and are unsure about the terms of a lease where rent is paid by the month, we`ve created a helpful quizlet to test your knowledge.
Question 1: What does it mean when rent is paid by the month?
a) Rent is paid every 30 days
b) Rent is paid upfront for the entire lease term
c) Rent is paid every week
d) Rent is paid bi-weekly
Answer: a) Rent is paid every 30 days. This means that tenants are responsible for paying their rent every month on a designated day.
Question 2: What are the advantages of paying rent by the month?
a) Easier budgeting
b) More flexibility
c) No upfront payment required
d) All of the above
Answer: d) All of the above. Paying rent by the month allows for easier budgeting as tenants only need to budget for one payment per month. It also provides more flexibility in case tenants’ circumstances change and they need to relocate. Lastly, no upfront payment is required, which can alleviate some financial burden at the beginning of the lease.
Question 3: What happens if rent is not paid on time in a lease where rent is paid by the month?
a) Late fees may be applied
b) Eviction may occur
c) Both a) and b)
d) None of the above
Answer: c) Both a) and b). If rent is not paid on time, landlords may apply late fees as outlined in the lease agreement. If rent is consistently late or not paid, landlords may proceed with eviction proceedings.
Question 4: Can the amount of rent change in a lease where rent is paid by the month?
a) Yes, if both parties agree to the change
b) No, the amount of rent cannot change
c) Yes, landlords can change the rent at their discretion
d) None of the above
Answer: a) Yes, if both parties agree to the change. If landlords want to change the amount of rent, they need to provide tenants with notice and come to an agreement on the new amount.
In conclusion, a lease agreement where rent is paid by the month provides tenants with more flexibility and easier budgeting. However, tenants must make sure to pay their rent on time to avoid late fees and eviction. Landlords can also change the amount of rent with proper notice and agreement from tenants.