Property Management Licensing Practice Exam · Question
Which statement accurately describes a 'lease assignment'?
An assignment involves the original tenant transferring their entire interest in the lease to a new tenant, who then steps into the shoes of the original tenant
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Question: Which statement accurately describes a 'lease assignment'?
Answer options: ✅ The original tenant moves out and finds a new tenant to take over their entire lease, with the landlord's consent, and the new tenant takes on all rights and responsibilities.
- The original tenant finds someone to live in the unit temporarily while they return after a period, retaining their obligations.
- The landlord terminates the lease early due to non-payment of rent.
- The tenant is allowed to break the lease without penalty.
Correct answer: The original tenant moves out and finds a new tenant to take over their entire lease, with the landlord's consent, and the new tenant takes on all rights and responsibilities.
Explanation: An assignment involves the original tenant transferring their entire interest in the lease to a new tenant, who then steps into the shoes of the original tenant concerning all lease obligations, almost always requiring landlord consent.
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