SC Property Management - Chapter 2 Questions And Answers Latest Update
SC Property Management - Chapter 2
Questions And Answers Latest Update
Who are the parties to a property management agreement? - ✔✔✔-Special Agent
(PMIC), General Agent (PM), and Principal (owner)
What are the fiduciary duties of the PMIC - ✔✔✔-Obedience, Loyalty, Disclosure,
Care/Knowledge/Due Diligence, Accounting, Confidentiality
What's the first thing a PM should do when working with an owner? - ✔✔✔-
Understand the owner's long and short-term goals
How is the rental price derived? - ✔✔✔-It is the end result of the regional and
neighborhood market analysis.
What is the definition of management plan? - ✔✔✔-A management plan is the
financial and operational strategy for the ongoing management of a property.
What is the definition of market value? - ✔✔✔-After evaluating other rental
properties with their advantages and disadvantages, as well as the rents taken in
by these properties, the property manager is left with the market value.
What is a 'non-freehold estate'? - ✔✔✔-A leased property.
What are the 'bundle of rights'? - ✔✔✔-The bundle of rights theory maintains that
ownership of a parcel of real estate may embrace a great many rights, such as the
right to (1) Use/Possession, (2) Control, (3) Disposition, (4) Quiet Enjoyment.
What are the types of non-freehold tenancies? - ✔✔✔-Estate for Years of Estate for
Term (specific period of time, expires without notice), Periodic Tenancy (like
month-to-month, terminated w/notice), Tenancy at Will (no expire date, terminate
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SC Property Management - Chapter 2
Questions And Answers Latest Update
Who are the parties to a property management agreement? - ✔✔✔-Special Agent
(PMIC), General Agent (PM), and Principal (owner)
What are the fiduciary duties of the PMIC - ✔✔✔-Obedience, Loyalty, Disclosure,
Care/Knowledge/Due Diligence, Accounting, Confidentiality
What's the first thing a PM should do when working with an owner? - ✔✔✔-
Understand the owner's long and short-term goals
How is the rental price derived? - ✔✔✔-It is the end result of the regional and
neighborhood market analysis.
What is the definition of management plan? - ✔✔✔-A management plan is the
financial and operational strategy for the ongoing management of a property.
What is the definition of market value? - ✔✔✔-After evaluating other rental
properties with their advantages and disadvantages, as well as the rents taken in
by these properties, the property manager is left with the market value.
What is a 'non-freehold estate'? - ✔✔✔-A leased property.
What are the 'bundle of rights'? - ✔✔✔-The bundle of rights theory maintains that
ownership of a parcel of real estate may embrace a great many rights, such as the
right to (1) Use/Possession, (2) Control, (3) Disposition, (4) Quiet Enjoyment.
What are the types of non-freehold tenancies? - ✔✔✔-Estate for Years of Estate for
Term (specific period of time, expires without notice), Periodic Tenancy (like
month-to-month, terminated w/notice), Tenancy at Will (no expire date, terminate
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