Life-Care Communities __________

question 23

Multiple Choice

Life-care communities __________.

• A) are federally subsidized apartment units for low-income aging adults
• B) offer a range of housing alternatives, from independent living to full nursing home care
• C) are limited to 10 or fewer residents, who live in private bedroom-bathroom suites
• D) provide a hospital-like setting with extreme restrictions on autonomy and social integration

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Definitions:

Lessee

A person or entity that leases property or equipment from another, known as the lessor, under a lease agreement.

Lessor

An entity or individual that owns an asset and grants another party the right to use that asset in exchange for periodic rental payments.

Capital Lease

A lease classified by the lessee as an asset and liability on the balance sheet because it effectively transfers substantially all risks and rewards of ownership to the lessee.

Executory Costs

These are costs associated with fulfilling the terms of a contract, excluding the direct material and direct labor costs, such as utilities, insurance, and property taxes involved in leasing.