when/what locks are hold/released in READ COMMITTED isolation level

Question

I am trying to understand isolation/locks in SQL Server.

I have following scenario in READ COMMITTED isolation level(Default)

We have a table.

Answer 1

lock will only acquire when select * from Transaction is run

You can check it with below code

open a sql session and run this query

Begin Transaction

select * from Transactions

 WAITFOR DELAY '00:05'
/*
some buisness logic which takes 5 minutes

*/

Commit

Open another sql session and run below query

Begin Transaction
Update Transactions
Set = ...
where ....
commit