Questions and CORRECT Answers
Cash Flow Report - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - makes laws
Real Estate Commission - CORRECT ANSWER - enforces laws
Purpose of the SC Residential Landlord & Tenant Act - CORRECT ANSWER - (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 - CORRECT ANSWER - to protect the public
Exclusions from the L & T act - CORRECT ANSWER - one of which would be transient
occupancy as in a hotel motel or other accommodations subject to sales tax.
Principal - CORRECT ANSWER - person who is paying me
Essential Services - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - the tenant shall pay as rent the fair-
market value for the use and occupancy of the dwelling unit
Security Deposits & Prepaid Rent - CORRECT ANSWER - 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 - CORRECT ANSWER - (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 - CORRECT
ANSWER - 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 - CORRECT ANSWER - each owner owns stock in the coop, apartment
owners purchase shares. this is a proprietary lease
Market - CORRECT ANSWER - An exchange of goods & services between a willing
buyer & a willing seller creates this
, Special Agent - CORRECT ANSWER - An agent that is hired to perform a specific
transaction for a specific time frame
Special Purpose Management - CORRECT ANSWER - Motels, Colleges & places of
worship are known as this king of property managment
The Institute of Real Estate Management (IREM) sponsors the designation of - CORRECT
ANSWER - Certified Property Manager
Management Agreements include - CORRECT ANSWER - (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? -
CORRECT ANSWER - 50
Fiduciary Duties to an Owner by agent - CORRECT ANSWER - OLD CAR
(1) Obedience
(2) Loyalty
(3) Disclosure
(4) Confidentiality
(5) Reasonable Care
(6) Diligence
(7) Accounting