Question

Which of these parts of a lease is most similar to a mortgage ?

(A.) the policies about pets, painting, and subletting
(B.) the penalties described for breaking the lease
(C.) the term of lease and the monthly rent
(D.) the list of utilities paid by the landord

Answer 1

The parts of a lease that are most similar to a mortgage are C. THE TERM OF LEASE AND THE MONTHLY RENT.

The term of lease is at least 1 year. And lease payments are usually made monthly.

Mortgage, be it real property or chattel mortgage, is for a period of at least 5 years and monthly payment must be made. The payment covers the principal amount loaned as well as the corresponding interest on the loaned amount.