### What does a Certificate of Occupancy verify? - [x] That a given property meets all building codes - [ ] That a property is insured - [ ] That a property is properly taxed - [ ] That a property has no previous ownership disputes > **Explanation:** A Certificate of Occupancy verifies that a property has met all building codes, ensuring that it is safe for habitation. ### Why is a Certificate of Occupancy important for landlords? - [x] It establishes that the property is safe for tenants - [ ] It secures higher rental income - [ ] It is required for property tax purposes - [ ] It guarantees tenant satisfaction > **Explanation:** The Certificate of Occupancy verifies that the property is safe for tenants, protecting landlords from potential lawsuits and helping maintain a good reputation. ### Before what event should landlords ensure they have a Certificate of Occupancy? - [x] Before closing on a deal - [ ] Before listing the property - [ ] Before performing renovations - [ ] Before purchasing insurance > **Explanation:** Landlords should have a Certificate of Occupancy before closing on a deal to confirm that the property is safe and compliant with all building codes. ### Who could potentially sue landlords if the property lacks a Certificate of Occupancy? - [x] Tenants - [ ] Building inspectors - [ ] Property tax officers - [ ] Real estate agents > **Explanation:** Tenants could potentially sue landlords if the property lacks a Certificate of Occupancy, as it may not be compliant with safety standards. ### What right do all tenants have regarding the property they live in? - [ ] The right to modify the property - [x] The right to peace and safety - [ ] The right to lower rent after one year - [ ] The right to refuse entry to the landlord > **Explanation:** All tenants have a reasonable right to peace and safety in the property they rent. ### How can a Certificate of Occupancy impact a landlord's reputation? - [x] A lack of it could harm the landlord's reputation - [ ] It has no impact on the landlord's reputation - [ ] Securing one can lead to immediate rent increases - [ ] It can only affect the landlord's relationship with business tenants > **Explanation:** A landlord's failure to obtain a Certificate of Occupancy could harm their reputation, making it difficult to rent the property in the future. ### Why is a Certificate of Occupancy important for businesses renting a property? - [ ] To ensure tax deductions - [ ] To guarantee cheaper rent - [x] To ensure the property is safe for employees and owners - [ ] To avoid annual building inspections > **Explanation:** Businesses need to know that the property is safe for both the owner and their employees, which is verified by having a Certificate of Occupancy. ### What could exceed the monthly rental income if a landlord fails to secure a Certificate of Occupancy? - [x] Damages from a lawsuit - [ ] Taxes - [ ] Maintenance costs - [ ] Utility bills > **Explanation:** If a landlord fails to secure a Certificate of Occupancy, they could face lawsuits with damages that exceed the monthly rental income. ### How does a Certificate of Occupancy provide peace of mind? - [x] By confirming the property meets safety standards - [ ] By lowering property taxes - [ ] By increasing rental income - [ ] By extending the lease period automatically > **Explanation:** A Certificate of Occupancy provides peace of mind to all parties involved by confirming that the property meets all safety standards and is suitable for occupancy. ### What could be difficult for landlords without a Certificate of Occupancy? - [x] Renting to people in the future - [ ] Increasing rental rates - [ ] Performing renovations - [ ] Selling property insurance > **Explanation:** Landlords without a Certificate of Occupancy could find it challenging to rent to new tenants in the future, as the certificate is crucial for proving the property's safety and code compliance.