Question

In: Accounting

1. a. Which of the following is an obligation of the lessor? (pay the rent on...

1.

a. Which of the following is an obligation of the lessor? (pay the rent on or before the due date , Provide a dwelling that is habitable , give at least 30-days notice of intent to move , or all of the above are obligations of the lessor)

b. Which of the following would generally be considered an advantage of renting? (lack of privacy , small living space , lack of storage space , or minimum responsibilities)

Solutions

Expert Solution

1.
a) The correct answer is "Provide a dwelling that is habitable".
It is the obligation of the lessor to provide a house which is good to live in. The dwelling should satisfy the minimum standard requirements of a house. It should be protected from all kinds of climatical issues, safe from security issues, should have a good electric and water supply, etc. are some of the important essentials of a house to be habitat.
'Pay the rent on or before the due date' and 'give at least 30-days notice of intent to move' are the obligation of the lessee or tenant.

b) The correct answer is "minimum responsibilities".
It is the responsibility of the lessor to do the maintenance, repairs and improvements of the property. The tenant is free from most of the maintenance and repair bills. Hence, the huge burden of responsibility is reduced for the tenant.
Lack of privacy, small living space, lack of storage space, etc can be considered as disadvantages of renting.


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