Fortune Academy South Carolina Property Management Course Practice Test

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• What is it called when the landlord has the right to get the property back after a lease?
• If a tenant remains after the lease ends and accepts rent, what is this arrangement called?
• In South Carolina, a person who manages the property of others must hold a license as which of the following roles?
• In property management, a BIC/PMIC acting as the property manager is typically considered which kind of agent?
• What are the penalties for unlawful retaliation?
• Which of the following time windows applies to regularly scheduled pest control visits?
• T buys a building from N that is leased by S. What must T do regarding the lease?
• What is the landlord’s right to regain possession of a rental property when a lease ends called?
• Socially imposed rules that go beyond the letter of the law are called what?
• Which type of potential tenant would be looking at labor pool, availability of utilities, sources of raw materials, and adequate transportation services?
• What do you HAVE to do if you fail to renew your property managers license on time?
• Which term describes the act of directing prospective tenants to or away from a property based on race, color, or religion?
• What are the four methods of dealing with risk?
• Which statement best describes unlawful retaliation?
• Under the South Carolina residential landlord-tenant act, security deposits must be returned within how many days after termination, and if deductions are made they must be itemized?
• What practice helps eliminate or reduce corrective maintenance?
• A good management plan is based on a(n)
• Which items are typically used to qualify a prospective tenant?
• If a unit is haunted and a licensee knows it is haunted, what is required when asked by a prospective tenant?
• If there is no term specified in the lease, the tenancy is automatically?
• Which term describes duties that require acting in the client's best interests and handling confidential information?
• Which type of lease is commonly used when a long-term arrangement involves land and the tenant pays for any improvements on the land?
• What term describes an informal lease that allows a tenant to remain on the property briefly while construction is completed?
• Which risk management approach is shown by opting not to install an amenity that could lead to injury?
• The demand for professional property management in the late 1800s resulted primarily from ...
• Functional obsolescence is depreciation caused by changes in technology or design that reduce usefulness.
• What type of maintenance is aimed at preserving the physical integrity of a property?
• Which method terminates a lease specifically when the terms have been performed?
• What document defines the relationships between the owner and the property manager, guides the operation of the property, and provides a basis for resolving disputes?
• Which action is considered commingling in a trust account?
• In the event that the landlord fails to or refuses to provide essential services, the tenant is permitted to:
• Which option lists all remedies for abuse of access?
• Temporary free rent is an example of which landlord concession?
• A real estate broker could specialize in which of the following property types?
• Which window is permissible for a tenant-requested pest control visit?
• Loyalty, obedience, care, accounting, and disclosure are what type of duties?
• Which of the following does the tenant under a triple net lease usually pay?
• Which term describes the transfer of ALL of a leaseholder's rights to another person?
• In a triple net lease, which cost is typically the tenant responsible for paying?
• If a BIC/PMIC discloses lead paint to a prospective tenant when showing a property, this action is:
• Which statement best describes landlord entry windows for requested services?
• If the landlord must enter for a tenant-requested pest control visit, the allowed hours are?
• Depreciation due to technological changes making specialized industries less useful is called
• The ability of a property manager to assess a market and implement sales promotion is MOST critical when dealing with
• Rents collected must be deposited in the:
• In the absence of a prior arrangement, what type of lease ends at death?
• Where would you find the mortgage and the management agreement in property records?
• Rising land and construction costs have stimulated the construction of what type of residential properties?
• Which item is listed as a cause for termination?
• Which action best illustrates transferring risk in risk management?
• A 50-year lease that includes land only with the landlord gaining the improvements would be considered a:
• What term refers to small, self-contained storage units within a larger facility popular for both individuals and small businesses?
• What is the purpose of an escrow or trust account?
• Residential leases are most often what type of leases?
• What is the first step in preparing the management plan?
• What must a landlord do to mitigate damages when a tenant vacates early?
• When a tenant abandons a property, the landlord must:
• Which lease clause is commonly used to adjust rent according to market conditions?
• To legally obtain a credit report, the landlord must?
• For regularly scheduled pest control visits, which time window is specified?
• Should you disclose to interested buyers or tenants that the adjacent property has been rezoned for an office park?
• What term describes a loss in value of property from any cause?
• Which laws prohibit unlawful and anti-competitive trade practices?
• Prospective tenants form their initial impressions of a rental property based on the
• What document transfers possession but not ownership of property?
• What term describes a lease under which the total rent is based on sales volume?
• What are the four parts of a valid contract?
• What is the primary factor used to decide whether to adopt a proposed management plan?
• Which term describes a tenant ending a lease due to landlord's failure to provide essential services?
• I did not tell a prospective tenant that the unit he was considering had a reputation for being haunted. My action was:
• Which tenancy type has a definite period with specific beginning and ending dates?
• If a tenant refuses to pay rent and is removed from the premises by the sheriff after court action, this is legally called:
• What term describes a building ownership structure where residents hold shares in a corporation that owns the building?
• In the operating budget, what is the name of the expenditure that accounts for money for replacement expenditures
• When may a landlord enter the premises in an emergency?
• Which type of real estate utilizes more professional property managers than others?
• Which termination method describes ending a lease by surrender and acceptance?
• What designation do we give to income-producing property?
• In an emergency, a landlord may enter the premises under which condition?
• Incubator spaces are most likely to be found in:
• A landlord does not allow a tenant with a disability to make needed changes. This action violates which law?
• An agent received a cash deposit for a client's property. The agent placed the deposit in his personal checking account and then wrote a check to his trust account. For this action, the agent was found guilty of
• Which tenancy describes a flexible arrangement that ends when either party chooses to terminate?
• Which tenancy type is defined by a definite start and end date?
• If repairs are not completed within 14 days after notice, the tenant may terminate the lease after how many days?
• A lease transfers possession but not ownership. Which option best describes this?
• How are you handling risk if you decide not to install a jungle gym?
• A clause that calls for definite periodic increases in rent is called what?
• Not putting up a jungle gym in the playground is an example of which risk management technique?
• What term describes a tenant who remains on the property after the lease ends and does not vacate, often without consent?
• Who may be allowed to take a tax deduction for depreciation?
• When you are hired to manage someone's property, you have what type of duties to your client or principal?
• During which hours can a landlord only perform regularly scheduled pest control visits?
• Which statement describes the landlord's right to reclaim property after lease?
• Which ad type omits the advertiser's company name?
• If the tenant fails to pay rent, landlord may:
• A building is still quite usable and in fairly good condition. However, the supporting pillars are placed only ten feet apart and the walls are solid. It is nearly impossible to thread computer cable in the walls. The property is:
• Under a gross lease, who is responsible for most property charges beyond rent?
• What is the process called when the sheriff removes the tenant from the property through court order?
• Which type of property would hotels, hospitals, cemeteries, nursing homes belong to?
• What is the major responsibility of the property manager?
• Which term describes the market measure of the total space leased within a year?
• An owner refuses to rent to a minority. Under which federal statute is this action illegal?
• Which category of property includes types such as hospitals, nursing homes, cemeteries, and schools?
• If the landlord fails to provide essential services, what can the tenant do in some cases?
• How do you find out what the competition is doing?
• The list of protected classes under the federal housing act of 1968 includes which of the following?
• A ministorage facility is best described as what type of property?
• What term describes the practice of encouraging people to sell or rent property by exploiting fears about a specific demographic group moving into the neighborhood?
• Which risk management approach involves shifting potential losses to an insurer through insurance?
• When asked, I told a prospective tenant that a unit was not haunted, when I had repeatedly heard that it was. My action was:
• The legal term for a tenant vacating due to the landlord's failure to repair is known as
• What do you call it when a tenant allows someone else to take over ALL of his or her remaining interest on a lease?
• Largest demand for property managers is in what type of property?
• For a tenant-requested visit, the allowed entry hours are which of the following?
• Socially or culturally imposed rules of conduct that go beyond the letter of the law refers to
• Generally, the cost of tenant alterations and remodeling expenses above the building standard in an office property is the responsibility of the:
• Which property type is designed for specialized uses such as hospitals or schools?
• If the landlord fails to provide essential services, the tenant is permitted to arrange for those services and deduct the fee from rent.
• What historical development contributed to the rise of professional property management in the late 19th century?
• Which statement about licensing for property managers in South Carolina is true?
• All monies received by the BIC/PMIC must remain in the escrow account until:
• Who is a customer in a real estate transaction?
• During which hours may a landlord enter to provide regularly scheduled pest control services?
• Which window is allowed for regularly scheduled pest control visits?
• Within how many days must a landlord return or account for the security deposit after lease termination?
• Who is eligible to claim depreciation on a rental property?
• If a lease states the landlord will provide heat and the tenant's apartment is freezing, the tenant may break the lease claiming which of the following?
• With which type of property does the use of the property dictate its design?
• Which statement about a gross lease is true?
• Which document outlines expected revenues and expenses for the upcoming year in property management?
• Which of the following best describes resource oriented industries?
• Under the definition of family per FHA, which of the following would be considered a family?
• The exchange of goods between buyers and sellers describes which economic concept?
• What is the window for entering to provide regularly scheduled pest control?
• Smaller living quarters and the increasing need to store many business records have led to the popularity of?:
• When a property manager acts as risk manager and buys insurance, which technique is being used?
• The landlord may have access to the dwelling unit for regularly scheduled services within which time frame?
• Can I, as the BIC/PMIC, draw interest earned on the money I am holding in my trust account?
• If a tenant moves without notice, what should the landlord do?:
• Reasonable heat, running water, and hot water, are considered to be?
• Can a lease be valid if it is not signed, provided rent is paid or accepted?
• Preventative maintenance should be geared toward eliminating which type of maintenance?
• Which lease element requires that the contract not promote illegal activities?
• Which statement best describes the duties a property manager owes the client?
• Which term describes the duties owed to the client by a property manager?
• What are you doing with risk if you buy insurance?
• The number of square feet of office space that has historically been leased per year is called the?
• The ratio of rentable space to usable space is sometimes called the:
• Which termination basis refers to the impossibility of completing the contract due to unforeseen events?
• Which type of property typically requires robust market analysis and active promotions to maintain occupancy
• The Landlord Tenant Act applies to which property type?
• What does mitigate damages mean in the context of abandonment?
• If the landlord is not in compliance with repairs, the tenant may:
• In a property management agreement, the client and the BIC/PMIC relationship is that of a general agent.
• How are you handling risk if you pay for vandalism out of pocket?
• What is the term for a 15 day unexplained absence after default of rent?
• Violations of building rules, violation of law, excessive use of utilities, and nonpayment of rent are all examples of what?
• Nursing homes, hotels, cemeteries, and schools are examples of what type of properties?
• When a tenant holds over illegally beyond the lease's termination date, what is created?
• The term 'reserve funds' in operating budgeting is intended for
• Which is NOT one of the four essential elements of a valid contract?
• Cash flow from a property is calculated by what formula?
• Agent's responsibilities to the principal include COALD. Which option correctly lists COALD?
• Liability insurance covers whom?
• Under the ADA, employers with how many employees are covered?
• Which of the following is commonly a concern for condominium property managers?
• What will be the deciding factor in the adoption of a proposed management plan?
• The tenant's obligations of maintaining the unit require the tenant to do what?
• Industrial real estate facilities may be classified according to their:
• Regularly scheduled pest control visits should occur within which hours?
• What are the remedies for abuse of access by the landlord?
• An unlicensed owner of a 30-unit apartment manages the property herself. Her actions are:
• Which statement best describes the scope of authority of a general agent in real estate management?
• When a landlord refuses to fix the leaking roof and the tenant moves out this is called?
• Why might a landlord increase rents even if some tenants will move out?
• Increasing net income by decreasing maintenance is likely to have what effect?
• After a tenant complains and the landlord refuses renewal at expiration, this action illustrates which concept?
• Who is responsible for the inside maintenance of a condominium?
• In lease renewal options, which party is typically favored?
• In contract law, who are the competent parties?
• The rental agreement ended and the landlord and tenant are in dispute over who should get the security deposit. What do I do?
• All monies held in escrow by the BIC/PMIC must be released at the end of the contract/lease unless otherwise specified.
• In property management, the document that guides ongoing financial and operational decisions is known as the?
• Which statement best describes depreciation?
• A management plan should determine the property’s what?
• Who can take depreciation on a building under a net lease?
• In what file would you find P&L and cash flow reports?
• A cooperative property is classified as which type?
• What are you doing with risk if you install a sprinkler system?
• What is the law that requires contracts for the sale or lease of real estate to be in writing to be enforceable?
• How long after a lease terminates do I have to either return or account for the security deposit?
• Which designation best describes income-producing property in terms of property type?
• One of the major concessions granted by landlords.
• A clause that allows a tenant to operate without competition is called what?
• Which lease element involves something of value exchanged between the parties?
• What do you call 'borrowing' a small sum from the trust account for my regular business expenses?
• Income producing properties that offer services are known as
• Offering concessions to a tenant for referring other tenants is which of the following?
• Is a lease real or personal property?
• Which unethical practice involves using fears about demographic changes to influence real estate transactions?
• What document is typically kept on file to track all active rental agreements?
• What do you call it when a tenant allows someone else to take over a PORTION of his or her leasehold interest?
• Homes built before which year require a lead paint disclosure?
• Which type of property is typically categorized as special purpose/use?
• Which laws prohibit unlawful and anti-competitive trade practices? (Alternate wording)
• Which form of ownership involves individual unit ownership plus an undivided interest in the common elements?
• What is the most important factor in qualifying a residential tenant?
• The Landlord Tenant Act applies to which types of property?
• Condominium property managers are concerned with what type of areas?
• The term 'optimum income potential' refers to the property's ability to generate which of the following?
• Which set of elements is required for a lease to be valid?
• Which statement best describes the property manager's primary objective?
• Under FHA 1968, family is defined as
• The tenant must be advised in writing of the name and address of whom?
• To protect the owner from missing out on rising market rates, the lease should contain what clause?
• Which of the following are protected classes under the federal Fair Housing Act of 1968?
• What is the term for a situation where the landlord fails to provide essential services and the tenant moves out and stops paying rent?
• If a landlord needs to enter for pest control that is regularly scheduled, what is the window?
• Which term describes the portion of a building's gross area not available for tenant use due to common areas and other inefficiencies?
• If the tenant requests pest control for bugs, the pest control people may come between which hours?
• Industries that must be near sources of raw materials are called
• When someone purchases shares of stock in a corporation that owns an entire apartment building, this property is called a
• Which event might be classified as constructive eviction?
• Under the Americans with Disabilities Act (ADA), which type of property is covered?
• How long do I have to retain records?
• What should the manager do if the building is 100% occupied
• Which risk management technique involves avoiding a hazard entirely?
• Interest earned on trust funds held by the BIC/PMIC may be drawn by the BIC/PMIC only with what?
• In an inflationary period, which lease type is best for the owner?
• Which is an example of corrective maintenance?
• Which lease element refers to the mutual understanding and agreement of the parties on essential terms?
• Which lease element is defined as the value exchanged between the parties?
• Which statement best describes preventative maintenance?
• A list of amenities and alterations that a building owner will provide to an incoming tenant without additional charge is called the:
• A clause that prevents a tenant from operating a competing business within the same property is called?
• Why does the real estate commission require licenses, trust accounts, and education?
• What is the main purpose of preventative maintenance?
• A BIC/PMIC failure to include the name of the company in the advertising of a property under a management agreement would be what type of ad?
• What do we call the person who hires us?
• Whom does workers' compensation insurance cover on a property?
• Which factor is least important when qualifying a residential tenant?
• An industrial company has just completed building a factory to exact specifications. Now, it wants to pull its equity out to use for other business purposes. What will the company most likely do to realize this objective?:
• Which lease requires the tenant to pay property charges including taxes, insurance, and repairs?
• If not stated in the lease, when is the rent due?
• What is the primary purpose of the real estate commission?
• To whom do fiduciary duties in property management apply?
• For a landlord-initiated visit requested by a tenant, the allowed entry window is during which hours?
• A percentage lease calculates rent based on which metric?
• In a fully rented building, what is a typical pricing move to maximize profitability?
• Who is typically the customer in a lease transaction?
• Constructive eviction occurs when the landlord fails to provide essential services to the tenant, and the tenant moves out. Which condition best describes this situation?
• Ethical guidelines require a property manager to act in a manner that
• In a deflationary period, which lease type is most advantageous to the property owner?
• Which term describes maintenance activities designed to prevent problems before they occur?
• Which type of property constitutes the largest segment of demand for property managers?
• Which of the following best describes the relationship between a property manager and the client?
• Which document type houses financial results such as profit and loss and cash flow summaries?
• The financial and operational strategy for the ongoing management of a property is called what?
• If a property owner asks a property manager to manage the property in violation of a current civil rights law, the property manager should
• For a tenant-requested service, the landlord may enter during which window?
• Why would a manager raise rents if some tenants would move out?
• If a tenant vacates without notice and the landlord re-rents quickly, what is the primary financial rationale?
• Corrective maintenance is best described as
• What is the minimum length of a management agreement that most managers will accept?
• What is the process called whereby a tenant formally recognizes a new owner of the property by paying rent to the new owner?
• If pest control occurs as part of regular maintenance, the entry must occur within which time frame?
• Tenant Z complains about conditions to the state housing inspector. The next month, when tenant Z's lease is expiring, the building manager refuses to renew the lease. This is an example of