Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Fair rent means the amount in rentals that the tenant should be expected to pay for occupying/using any particular property or land, as per official determination from the rental office for any specific tenancy.
It is the market rent or the amount in rentals that a similar property in a similar area or same locality, may command in the market. Standard rent is fixed as per the Rent Control Act or any other equivalent legal provision, where the owner may not expect a higher amount than the standard rental amount in question. Actual rent is the sum that the owner gets for renting out his/her property. In some calculations, fair rent is the 9% gross return per year on the total building cost for residential buildings, while it is 12% gross returns annually on the total building cost, in case of commercial properties. This is the calculation framework for assessing the fair rent or the fair rental value/amount of any real estate unit/property in question. It is often a crucial aspect of the real estate or property market.
