Fortune Academy South Carolina Property Management Course Practice Test 2026 – Your All-in-One Guide to Exam Success!

In a triple net lease, the tenant takes on most of the property's operating costs in addition to base rent. This means the tenant pays property taxes, property insurance, and maintenance/repairs. The phrase “including taxes, insurance, and repairs” directly describes this arrangement, where these charges are passed through to the tenant rather than being covered by the landlord.

A gross lease would have the landlord cover these expenses, so it doesn’t fit. A modified gross lease blends some expenses between landlord and tenant, but not all three in one. A general net lease could refer to one or two specific expense categories, but the term that explicitly includes all three listed items is the triple net lease.