Property Management Exam 2025 Questions and Answers 100% Pass

Property Management Exam 2025 Questions and Answers 100% Pass Cash Flow Report - the single most important financial report. A financial report showing the property's net operating income minus all additional disbursements such as debt service and capital improvements and the amount remitted to the owner. Cash flow - An item in a property's financial operating reports that represents the net operating income minus all additional disbursements such as debt service and capital improvements. Anticipated Revenue-operating expenses-debt service= Legislature - makes laws Real Estate Commission - enforces laws Purpose of the SC Residential Landlord & Tenant Act - (1) to simplify, clarify, modernize, & revise the law governing rental of dwelling units & the rights & obligations of landlords & tenants (2) to encourage landlords & tenants to maintain & improve the quality of housing. Purpose of the SC Real Estate License Law - to protect the public Exclusions from the L & T act - one of which would be transient occupancy as in a hotel motel or other accommodations subject to sales tax. Principal - person who is paying me 2COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED Essential Services - sanitary plumbing or sewer services; electricity; gas, where it is used for heat, hot water, or cooking; running water, & reasonable amounts of hot water and heat, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant & supplied by a direct public utility connection. Unconscionability - excessive late fees etc...., if the court as a matter of law finds you guilty they do not have to uphold the lease. In absence of agreement - the tenant shall pay as rent the fair-market value for the use and occupancy of the dwelling unit Security Deposits & Prepaid Rent - upon termination of the tenancy, property or money held by the landlord as security must be returned less amounts w/held for accrued rent & damages with 30 days Landlord or his agent may enter w/out consent of the tenant - (1) at any time in case of emergency-prospective changes in weather which pose a likelihood of danger to the property. (2) Between 9am & 6 pm for regularly scheduled services per rental agreement & announces his intent (3) Between 8am & 8pm to provide services requested by the tenant & prior to entering announces his intent What can tenant do when landlord is in noncompliance w/ the rental agreement - tenant may deliver a written notice specifying acts and the breach & that the agreement will terminate on a date not less than 14 days from the notice. Cooperative - each owner owns stock in the coop, apartment owners purchase shares. this is a proprietary lease Market - An exchange of goods & services between a willing buyer & a willing seller creates this 3COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED Special Agent - An agent that is hired to perform a specific transaction for a specific time frame Special Purpose Management - Motels, Colleges & places of worship are known as this king of property managment The Institute of Real Estate Management (IREM) sponsors the designation of - Certified Property Manager Management Agreements include - (1) Identification of the parties and property (2)Period over which the contract is to run (3)Authority & responsibilities of the manager (4)Responsibilities of the owner (5)Fees & Leasing/sales commissions (6)Signatures of the Parties Long term movements in the business cysle are normally measured over how many years? - 50 Fiduciary Duties to an Owner by agent - OLD CAR (1) Obedience