Select the correct answer.

Question

Which of the following is considered a grace period for rent payments?

A.
Rent is due on the 1st of each month.
B.
Rent is due on the 1st of each month but is not considered late until the 7th.
C.
Security deposit is collected to cover the first and last month's rent.
D.
Utilities (power and water) are included in the rent.

Answer 1

The correct answer is:

B. Rent is due on the 1st of each month but is not considered late until the 7th.

This statement indicates a grace period of 6 days after the due date before a rent payment is considered late.