GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is a Lease?
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A legal contract between the owner of an asset and its user, containing many conditions including payment of a specified amount by the user to the Owner for use of the asset
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A rental agreement between owner of a flat/house and the Tenant, whereby the Tenant pays specified amount on specified dates to the owner
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Both (a) and (b)
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None of the above
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Explanation:
Detailed explanation-1: -A lease agreement is an arrangement between two parties – lessor and lessee, by which the lessor allows the lessee the right to use a property owned or managed by the lessor for a specified period of time, in exchange for periodic payment of rentals. The agreement does not provide ownership rights to the lessee.
Detailed explanation-2: -Instead of buying the asset upfront, the lessee pays a set amount for the right to use it, usually in instalments over the life of the lease agreement. By the end of the lease, the lessee has paid the lessor either all or part of the asset’s market value.
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