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SC Property Manager License Test Questions and Answers Latest Update
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SC Property Manager License Test Questions and Answers Latest Update
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SC Property Manager License Test Questions and Answers Latest UpdateSC Property Manager License Test Questions
and Answers Latest Update
4 Steps of Business Cycle - ✔✔✔-1. Expansion
2. Recession
3. Contraction
4. Revival
assignment - ✔✔✔-Transfer of tenant's rental rights to a 3rd party
Dun & Bradstreet Inc. - ✔✔✔-Credit reporting agency reporting businesses ratings
cooperative - ✔✔✔-Multi-Family residential building where title is held by each
occupant who possess the right to occupy a certain unit.
expansion - ✔✔✔-Phase of business cycle where production increases
Formaldehyde - ✔✔✔-Colorless, organic chemical with a strong odor that can
contribute to "Sick Building Syndrome"
Key Tenant - ✔✔✔-Major department store in shopping center.
market analysis - ✔✔✔-Regional & neighborhood economic study to determine
market trends.
What are the protected classes? - ✔✔✔-Race, Color, National Origin, Religion,
Familial Status, Sex, Handicap
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,SC Property Manager License Test Questions and Answers Latest Update
Who protects the protected classes through legislation? - ✔✔✔-HUD
Revival - ✔✔✔-lowest part of the business cycle (Nadir)
Section 8 - ✔✔✔-Federal subsidized housing program administered by HUD. Tenant
pays 30% of adjusted monthly income and HUD pays the difference.
Section 202 - ✔✔✔-Federal subsidized housing program that provides capital for
new construction on low-income or rehab properties for the elderly.
Office Property - ✔✔✔-Income-producing property where services are rendered.
Net lease (net-net) - ✔✔✔-Tenant pays rent + taxes, assessments and insurance
Leasing Agent - ✔✔✔-sales people skilled in marketing, communicating, and
closing sales of themselves and properties
Statute of Frauds - ✔✔✔-state law that requires certain instructions to be in writing
before legally enforceable.
principal - ✔✔✔-either an individual who designates another as their agent or the
original amount of a loan
Management Plan - ✔✔✔-Financial & operational strategy for management of a
property. Based on Market & Property Analyses and Owner's Goals
Insurable Interest - ✔✔✔-insurance term for an ECONOMIC INTEREST that has
suffered a loss
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, SC Property Manager License Test Questions and Answers Latest Update
index lease - ✔✔✔-A lease containing an escalation clause that is tied to a certain
index.
equity - ✔✔✔-an owners "interest" in a property over any liens
Condominium - ✔✔✔-Multi-unit building where occupants own their unit and share
common areas
Comparables - ✔✔✔-Properties similar to your own in the Market
Commercial Property - ✔✔✔-Income-producing property; public accomodation
Cash Flow - ✔✔✔-Net operating income -
Debt service -
Operating expense
blockbusting - ✔✔✔-"panic selling" encouraging consumers to move out by saying
a certain "protected class" is moving to the area
Equal Housing Logo - ✔✔✔-must be displayed at property and in advertisements
Employer - ✔✔✔-Individual or company who pays people to work for them. Are
classified by # of employees, working conditions, and wages paid
Duplex - ✔✔✔-2 unit apartment building
Disability - ✔✔✔-any physical or mental impairment that limits a persons life
activities
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