Leasing License Practice Exam

Who is referred to as the lessor in a leasing agreement?

1. The tenant of record

2. The landlord or owner

3. The property manager

4. The local government representative

The correct answer is: The landlord or owner

In a leasing agreement, the lessor is the party who owns the property and grants the right to use that property to another party, known as the lessee or tenant. This relationship is foundational to leasing, as it establishes the terms and conditions under which the tenant can occupy and use the property while also defining the rights and responsibilities of both parties. In this context, the lessor (the landlord or owner) has legal ownership of the property being leased. They manage the property and have the authority to enforce the lease terms, collect rent, and take necessary actions regarding property maintenance and compliance with relevant laws. The other roles mentioned, such as tenant or property manager, represent different positions in the leasing agreement. The tenant is the user of the property, while the property manager is typically responsible for the day-to-day operations of managing the property, acting on behalf of the lessor but not holding ownership themselves. Similarly, a local government representative does not play a role in the leasing agreement itself but may be involved in regulatory or taxation issues related to property ownership.