SC Property Management Exam Questions with Complete Solutions | 100 % Correct | 2024 Update

SC Property Management Exam Questions with Complete Solutions | 100 % Correct | 2024 Update Residential Landlord and Tenant Act - Answer ️️ -Created in 1986 Residential Landlord and Tenant Act - Purpose - Answer ️️ -Simplify, clarify, modernize, and revise the law governing rental of dwelling units and the rights, obligations of landlords and tenants. To encourage landlords and tenants to maintain and improve the quality of housing. Administration Remedy - Answer ️️ -Any right or obligation declared is enforceable by action unless the provision declaring it specifies a different and limited effect. Settlement of disputed claim or right - Answer ️️ -A claim or right arising on a rental agreement, if disputed in good faith, may be settled by agreement. Action - Answer ️️ -Include recoupment, counterclaim, set-off, suit in equity, and any other proceeding in which rights are determined, including an action for possession. Building and Housing Codes - Enforcement - Answer ️️ -Any law, ordinance, or governmental regulation concerning fitness for habitation, or the construction, maintenance, operation, occupancy, use, or appearance of any premise or dwelling unit. Dwelling Unit - Answer ️️ -A structure or the part of a structure that is used as a home, residence, or sleeping place by one person who maintains a household or by two or more persons who maintain a common household and includes landlord-owned mobile homes. Property that is leased for the exclusive purpose of being renovated by the lessee (tenant) is not considered a dwelling unit within the meaning. Lessor (owner) Fair-Market Rental Value - Collusion - Answer ️️ -The actual periodic rental payment for comparable rental property to which a willing landlord and a willing tenant would agree. In determining the fair-market rental value the court may consider appraisals offer by the tenant, landlord, realty experts, licensed appraisers and other relevant evidence. Good Faith - Answer ️️ -Honesty in fact in the conduct of the transaction concerned Landlord - Answer ️️ -The owner, lessor, or sublessor of the premises and also means manager of the premises who fails to disclose Organization - Answer ️️ -Includes a corporation, government, governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, and any other legal or commercial entity Owner - Answer ️️ -Means one or more persons, jointly or severally, in whom is vested in all or part of the legal title to property or all or part of the beneficial ownership and a right to present use and enjoyment of the premises. The term includes a mortgagee (lender) in possession. Mortgagee - Answer ️️ -A lender in a mortgage loan transaction. Mortgager - Answer ️️ -an owner who gives a security interest in property in order to obtain a loan Person - Answer ️️ -Includes an individual or organization Premises - Property "Appliances" - Answer ️️ -Means a dwelling unit and the structure of which it is a part and facilities and appurtenances therein and grounds, areas, facilities held out for the use of tenants generally or whose use is promised to the tenant. Rent - Answer ️️ -The consideration payable for use of the premises including late charges whether payable in lump sum or periodic payments, excluding security deposits or other charges Rental Agreement - Answer ️️ -All arrangements, written or oral, and valid rules and regulations adopted under Section 27-40-520 embodying the terms and conditions concerning the use and occupancy of a dwelling unit and premises Roomer - Room Renter Only - Answer ️️ -A person occupying a dwelling unit that does not include a toilet and either a bathtub or a shower a refrigerator, stove, and kitchen sink, all provided by the landlord, and where one or more of these facilities are used in common b occupants in the structure. Single Family Residence - Renting a House - Answer ️️ -A structure maintained and used as a single dwelling unit. Not withstanding that a dwelling unit shares one or more walls with another dwelling unit, it is a single family residence if it has direct access to a street or thoroughfare and shares neither heating facilities, hot water equipment, nor any other essential facility or service with any other dwelling unit Tenant - Answer ️️ -A person entitled under a rental agreement to occupy a dwelling in unit to the exclusion of others Wilful - Answer ️️ -An attempt to intention