You've just signed a gross lease on a new location. What can you expect from this? a)Rent will be covered but you'll need to pay insurance and property tax. b)Rent will be covered but you'll need to pay utilities. c)Rent will be covered but you'll need to take care of basic maintenance. d)Rent and all other expenses are covered.

Answered: You've just signed a gross lease on a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

You've just signed a gross lease on a new location. What can you expect from this?

	a)	Rent will be covered but you'll need to pay insurance and property tax.
	b)	Rent will be covered but you'll need to pay utilities.
	c)	Rent will be covered but you'll need to take care of basic maintenance.
	d)	Rent and all other expenses are covered.

Expert Solution

Step 1: Introduction:

Gross lease is defined as sum of amount to be paid by the tenant to the property owner for the use of the property. Gross lease which includes insurance, property tax, basic utilities, basic maintenance etc.