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Re property management With correct 150 questions and verified answers updated 2024
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Re property management With correct 150 questions and verified answers updated 2024
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Re property management With correct 150questions and verified answers updated 2024
Cash Flow Report - ✔✔ANSW✔✔..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.
Landlords who rent more that 4 adjoining units can charge different amounts of security
deposits only if? - ✔✔ANSW✔✔..He post notice in a conspicuous place.
Abandonment - ✔✔ANSW✔✔..The unexplained absence of a tenant from a dwelling
unite for a period of 15 days after default in payment of rent.
Statute of Frauds - ✔✔ANSW✔✔..That part of state law that requires certain
instruments, such as deeds, real estate contracts, and certain leases, to be in writing to
be legally enforceable. Requires leases of more that one year be in writing to be
enforceable.
Megan's Law - ✔✔ANSW✔✔..Federal & State laws requiring that certain sex offenders
register with local law enforcement agencies.
Return on Investment (ROI) - ✔✔ANSW✔✔..A measure of profitability of a property,
computed either before or after income taxes, as follows:
ROI = (before tax) ( After Tax) cash flow / Equity x 100%
Proprietary Lease - ✔✔ANSW✔✔..The right of a member of a cooperative to occupy a
unit in the building subject to certain conditions.
Property Managers relationship to owner is governed by - ✔✔ANSW✔✔..Law of Agency
Condo - ✔✔ANSW✔✔..Master deed must be recorded and tenants are in common.
Difference in Condo vs. Coop - ✔✔ANSW✔✔..Condo Owns, Coop Owns stock
Anchor Stores - ✔✔ANSW✔✔..Major department store in a shopping center. Also called
key tenant. The tenant is important as it is meant to draw in many customers who may
also shop at the smaller stores.
Americans w/ Disabilities Act (ADA) - ✔✔ANSW✔✔..A law that requires that property
that is open to the public include features that facilitate access to the building. The ADA
, is designed to eliminate discrimination against individuals w/ disabilities by providing
equal access to jobs, public accommodations, government services, public
transportation, and telecommunication.
Actual Eviction - ✔✔ANSW✔✔..Forcible removal of a tenant from a property by an
officer of the court after a judgment decree of possession has been issued in favor of
the owner.
Asbestos - ✔✔ANSW✔✔..A mineral fiber, classified as a carcinogen. Found in asbestos
containing materials (ACMs) it is often found in older properties where it was used in
insulation, shingles, siding, concrete, floor & ceiling tiles, plasters, and more.
PUD - ✔✔ANSW✔✔..Planned Unit Development
Tenant Improvements - ✔✔ANSW✔✔..
Profit & Loss Statement - ✔✔ANSW✔✔..An annual financial report of a property's
actual net profit before taxes.
Smoke Detectors - ✔✔ANSW✔✔..Begin Tenancy we chk batteries after that and for
duration tenant replaces batteries.
Trade Fixtures - ✔✔ANSW✔✔..A fixture installed by a commercial or industrial tenant
under the terms of the lease & removable by the tenant before the lease expires.
Net Lease - ✔✔ANSW✔✔..A common industrial lease form requiring the tenant to pay
rent plus certain costs incurred in the operation of the property. Generally, straight net
leases require the tenant to pay rent, utilities, real estate taxes, and assessments.
Net Net Leases - ✔✔ANSW✔✔..requires the tenant to pay all of Net items plus
insurance.
Cash flow - ✔✔ANSW✔✔..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 - ✔✔ANSW✔✔..makes laws
Real Estate Commission - ✔✔ANSW✔✔..enforces laws
Purpose of the SC Residential Landlord & Tenant Act - ✔✔ANSW✔✔..(1) to simplify,
clarify, modernize, & revise the law governing rental of dwelling units & the rights &
obligations of landlords & tenants
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