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Short Answer Questions – Please answer in 100-200 words (1-2 paragraphs)
10) Explain why confidentiality is an essential element in property management when dealing with tenants and lessors. Give an answer in your own words.
11) When a tenants fixed term agreement is due to expire, explain what the agent/lessor must do when the tenant and lessor agree to: (only answer a & c below. I already answered b)
a. extend the fixed term
b. stay on under a periodic agreement
When a fixed term agreement ends, if the tenant remains and no new agreement is signed. The lessor/agent can have a periodic agreement from the beginning. In a periodic agreement, the lessor/agent and the tenant must follow the rules set out in the original agreement (or in the prescribed standard agreement if there wasnt a signed agreement). The rights and obligations under both types of agreements are generally the same. However, there are differences in relation to terminating the tenancy and rent increases.
It should nonetheless be noted that if the lessor fails to have a written agreement in the proper form at the start of a tenancy, penalties can be imposed. Additionally, they will be unable to evict the tenant without a reason or put the rent up during the first 6 months.
c. enter into a new fixed term agreement
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