SC PROPERTY MANAGEMENT STUDY GUIDE 2025/2026
QUESTIONS WITH ANSWERS RATED A+
✔✔Same as property manager with added responsibility of all licensees leasing
activities, escrow and trust accounts - ✔✔Property Manager-in-Charge
✔✔The voluntary relinquishment of rights of ownership or another interest (e.g.,
easement) by failure to use the property coupled w intent to abandon -
✔✔Abandonment
✔✔State laws that regulate the offering and sale of securities for the protection of the
public. - ✔✔Blue Sky Laws
✔✔Lessor or grantor promises that the tenant or grantee shall enjoy possession of the
premises in peace and without disturbance caused by defective title. - ✔✔Covenant of
Quiet Enjoyment
✔✔To take personal property and keep it until its owner performs an obligation, e.g,
taking renter's furniture etc - ✔✔Distraint
✔✔The purchase and right to use an undivided interest (usually in a resort area
condominium) for a specific period of time during any given year, but not necessarily for
consecutive years, which extends for a period of more than one year. - ✔✔Timeshare or
Interval Ownership
✔✔Charging interest at a higher rate than the maximum rate established by state law. -
✔✔Usury
✔✔Illegal actions taken against a tenant as revenge for complaints filed against the
landlord - ✔✔Retaliation
✔✔A provision in the Vacation Time Sharing Act that allows purchasers to cancel their
contracts within 5 days of signing - ✔✔Right of Rescission
✔✔Exaggerated or superlative comments or opinions. - ✔✔Puffing
✔✔Leaseholds plus any other interest in land, freehold, non-freehold, corporeal or
incorporeal - ✔✔Real Estate
✔✔Only person who can participate on behalf of a broker in charge and can accept
money only from their broker - ✔✔Sales Person
, ✔✔Established by the broker or PMIC for the purposes of holding funds on behalf of the
broker's principal or some other person until the consummation or termination of a
transaction. - ✔✔Trust Account
✔✔A property that has acquired an undesirable reputation due to an event that
occurred on or near it, such as violent crime, gang-related activity, illness or personal
tragedy. - ✔✔Stigmatized Property
✔✔An estate with a specified time frame. Leases are non-freehold interests. Gives a
tenant a personal property interest in the land of another and possession rights -
✔✔Non-freehold estate
✔✔A leasehold estate with a definite beginning and ending. No notice is needed to
terminate. Can be for brief periods of time. Eg., Vacation Rentals - ✔✔Estate for Years
✔✔Indefinite Possession: "Handshake Deal" Notice must be given to terminate.
Landlord death terminates it. - ✔✔Estate At Will
✔✔When a tenant remains in possession after the lease expires, the tenant is given this
title. - ✔✔Holdover
✔✔Contains a beginning and ending date; notice must be given by landlord or tenant or
it automatically renews; eg., Month-to-Month Lease - ✔✔Estate from Year to
Year/Periodic Tenancy
✔✔Occupant stays in property in violation of terms of agreement. - ✔✔Estate at
Sufferance
✔✔Tenant pays rent only; landlord pays expenses from that income - ✔✔Gross Lease
✔✔a person who acquires the right to possession and use of goods under a lease -
✔✔Lessee
✔✔A party that has agreed contractually to let another party use its asset for a period at
an agreed price. - ✔✔Lessor
✔✔Tenant pays rent plus some or all of the expenses, such as taxes and insurance.
Rental income is net income to the landlord. - ✔✔Net Lease
✔✔Periodic step-up or change of rent over the terms of the lease in known amounts at
known times. - ✔✔Graduated Lease (Step Lease)
QUESTIONS WITH ANSWERS RATED A+
✔✔Same as property manager with added responsibility of all licensees leasing
activities, escrow and trust accounts - ✔✔Property Manager-in-Charge
✔✔The voluntary relinquishment of rights of ownership or another interest (e.g.,
easement) by failure to use the property coupled w intent to abandon -
✔✔Abandonment
✔✔State laws that regulate the offering and sale of securities for the protection of the
public. - ✔✔Blue Sky Laws
✔✔Lessor or grantor promises that the tenant or grantee shall enjoy possession of the
premises in peace and without disturbance caused by defective title. - ✔✔Covenant of
Quiet Enjoyment
✔✔To take personal property and keep it until its owner performs an obligation, e.g,
taking renter's furniture etc - ✔✔Distraint
✔✔The purchase and right to use an undivided interest (usually in a resort area
condominium) for a specific period of time during any given year, but not necessarily for
consecutive years, which extends for a period of more than one year. - ✔✔Timeshare or
Interval Ownership
✔✔Charging interest at a higher rate than the maximum rate established by state law. -
✔✔Usury
✔✔Illegal actions taken against a tenant as revenge for complaints filed against the
landlord - ✔✔Retaliation
✔✔A provision in the Vacation Time Sharing Act that allows purchasers to cancel their
contracts within 5 days of signing - ✔✔Right of Rescission
✔✔Exaggerated or superlative comments or opinions. - ✔✔Puffing
✔✔Leaseholds plus any other interest in land, freehold, non-freehold, corporeal or
incorporeal - ✔✔Real Estate
✔✔Only person who can participate on behalf of a broker in charge and can accept
money only from their broker - ✔✔Sales Person
, ✔✔Established by the broker or PMIC for the purposes of holding funds on behalf of the
broker's principal or some other person until the consummation or termination of a
transaction. - ✔✔Trust Account
✔✔A property that has acquired an undesirable reputation due to an event that
occurred on or near it, such as violent crime, gang-related activity, illness or personal
tragedy. - ✔✔Stigmatized Property
✔✔An estate with a specified time frame. Leases are non-freehold interests. Gives a
tenant a personal property interest in the land of another and possession rights -
✔✔Non-freehold estate
✔✔A leasehold estate with a definite beginning and ending. No notice is needed to
terminate. Can be for brief periods of time. Eg., Vacation Rentals - ✔✔Estate for Years
✔✔Indefinite Possession: "Handshake Deal" Notice must be given to terminate.
Landlord death terminates it. - ✔✔Estate At Will
✔✔When a tenant remains in possession after the lease expires, the tenant is given this
title. - ✔✔Holdover
✔✔Contains a beginning and ending date; notice must be given by landlord or tenant or
it automatically renews; eg., Month-to-Month Lease - ✔✔Estate from Year to
Year/Periodic Tenancy
✔✔Occupant stays in property in violation of terms of agreement. - ✔✔Estate at
Sufferance
✔✔Tenant pays rent only; landlord pays expenses from that income - ✔✔Gross Lease
✔✔a person who acquires the right to possession and use of goods under a lease -
✔✔Lessee
✔✔A party that has agreed contractually to let another party use its asset for a period at
an agreed price. - ✔✔Lessor
✔✔Tenant pays rent plus some or all of the expenses, such as taxes and insurance.
Rental income is net income to the landlord. - ✔✔Net Lease
✔✔Periodic step-up or change of rent over the terms of the lease in known amounts at
known times. - ✔✔Graduated Lease (Step Lease)
