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Answer :
Final answer:
The fee that covers the costs of credit checks, rental history, and background checks before moving into an apartment is the application fee. This fee is specific to the application process and is distinct from other costs, such as a security deposit or moving expenses. Therefore, the correct answer is option b) application fee.
Explanation:
Understanding Apartment Application Costs
When applying for an apartment, prospective tenants often encounter several fees. One of these fees is the application fee, which is used to cover the costs associated with credit checks, rental history verification, and background checks necessary for approval to rent a unit.
Here’s a breakdown of the potential options given in the question:
- Security deposit: A payment made to the landlord that may be returned at the end of the tenancy, provided no damage occurs.
- Application fee: This fee is directly related to processing your application, including conducting credit and background checks.
- Moving cost: Expenses related to physically moving into a new place, which do not cover application processing.
- Inception fee: This is not commonly used in rental terminology and does not specifically refer to costs involved in application processing.
In conclusion, the correct answer to the question is b) application fee because it specifically covers the costs of preparing to accept a new tenant through necessary checks.
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