Ace the Illinois Real Estate Exam 2025 – Unlock Your Property Pro Potential!

Question: 1 / 400

What type of lease requires the lessee to pay for the taxes, insurance, and maintenance on the property in addition to the monthly rent?

Gross Lease

Net Lease

A Net Lease requires the lessee to pay for taxes, insurance, and maintenance on the property in addition to the monthly rent. In a Net Lease arrangement, the tenant is responsible for these additional costs, which allows the landlord to have a more predictable income stream without being burdened by the expenses related to the property's taxes, insurance, and maintenance.

A Gross Lease, on the other hand, typically includes all costs in the monthly rent, so the tenant is not responsible for additional expenses such as taxes and maintenance.

A Triple Net Lease is an arrangement where the tenant is responsible for taxes, insurance, maintenance, and other operating expenses of the property, whereas a Double Net Lease typically only requires the tenant to pay for taxes and insurance, not maintenance.

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Triple Net Lease

Double Net Lease

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