PSI Virginia Real Estate Practice Exam

Which document reflects the agreement between the landlord and tenants?

1. The lease agreement

2. The property management contract

3. The title deed

4. The rental application

The correct answer is: The lease agreement

The lease agreement is the correct choice because it serves as a formal document that outlines the terms and conditions agreed upon by both the landlord and the tenants. This agreement typically includes essential details such as the duration of the tenancy, the amount of rent, payment schedules, responsibilities concerning maintenance and repairs, and any rules specific to the property. By providing a clear framework for the relationship between the landlord and tenants, the lease agreement helps prevent misunderstandings and disputes related to the rental arrangement. Each party's rights and obligations are clearly defined within this document, making it an essential part of the rental process. In contrast, the property management contract pertains to the agreement between the landlord and the property management company, overseeing the operation of the property rather than the tenant relationship. The title deed is a legal document that provides ownership information about the property itself, and it does not govern tenant-landlord interactions. The rental application is a document used to assess potential tenants' backgrounds and suitability for renting a property, but it does not reflect the agreed-upon terms of tenancy.