If Taxes or Assessments on Leased Premises Are Increased Because

question 40

Multiple Choice

If taxes or assessments on leased premises are increased because of improvements made by the tenant that remain with the property, the:

• A) landlord is liable for such increases.
• B) landlord is liable for such increases only if the tenant was under a duty to make the improvements.
• C) landlord is liable for such increases only to the extent that the improvements actually increase the fair market value of the property.
• D) tenant is liable for such increases.

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Definitions:

Supply

The total amount of a product or service available for purchase at any given price point.

Price Elasticity

A gauge of the degree to which the amount of a good sought or offered adjusts when there's a change in its price.

Demand

The consumers' willingness and ability to purchase a product or service at a given price.

Cross Price Elasticity

A measure of the responsiveness of the quantity demanded for one good to a change in the price of another good, indicating the degree of substitutability or complementarity between them.