Becoming a Landlord Test tips
Chapter 1: Making the Decision
You should know and understand the following points covered within this chapter:
- The advantages of owning a small rental property include having a place of your own/owning property, being eligible for additional tax savings and having rental income.
- A landlord's responsibilities and obligations include:
- maintaining all common areas, such as hallways and stairways, in a safe and clean condition;
- ensuring that the electrical, plumbing, sanitary, heating, ventilating, and air conditioning systems are running and properly maintained; and
- supplying running water, hot water, and heat in reasonable amounts at reasonable times.
- State laws typically regulate landlord-tenant areas such as evictions.
- Federal laws cover discrimination and landlord responsibilities related to environmental health hazards.
- The possible drawbacks of owning a small rental property include responsibility for repairs and maintenance, legal obligations and 24-hour availability.
