Virginia State Real Estate Exam Practice Question
A lease where the tenant pays rent plus a share of taxes, insurance, and maintenance is called a
Correct Answer: C
Rationale: A triple net lease requires the tenant to pay rent along with a share of property taxes, insurance, and maintenance costs, making it distinctively structured for both parties.
Option A, net lease, typically refers to a lease where the tenant pays some additional expenses but may not cover all three categories.
Option B, gross lease, involves the landlord covering all operating expenses, shifting financial responsibility away from the tenant.
Option D, percentage lease, is based on a tenant's sales revenue, where rent is a percentage of sales, not tied to property expenses. Thus, the triple net lease uniquely encompasses all specified costs.
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