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In this video, Matt Worthington discusses the importance of lease verifications in real estate, particularly for apartment locators. A lease verification is a form sent to the leasing agent after a client applies for an apartment, ensuring that the lease details are confirmed for commission payment. Key components of the lease verification include the applicant's name, apartment number, rental amount, lease term, commission details, submission of the guest card, the applicant's mention of the agent on their application, and the move-in date. The form must also include the leasing agent's signature, printed name, title, and the timeframe for commission payment, which is essential for receiving compensation.