Licensing

Property supervisor (field manager) handles:

Each state's laws regarding the conduct of persons/organizations, including in real estate.

The property manager seeks to:

According to the SCRL Tenant Act, a landlord must

Duty and trust of confidence regarding handling of money/finances.

The costliest form of marketing/advertising, used primarily used in industrial/commercial.

Organization formed in 1921, with national federation of local and regional groups.

Housing code compliance, keeping habitable property, keeping essential services, etc fall under

In a retail property, these are large stores that bring their own shoppers

This practice eliminates corrective maintenance

This enhances overall quality/desirability of neighborhood, maintains property values.

Most effective method for finding shopping center tenants

Gross Rental income + income from other sources - losses incurred =

These spaces are often 300K--1 Million sq. feet, usually national chains, some smaller stores.

This law requires information about certain sex offenders to be available to the public.

Around 100K sq. feet, supported by at least 1,000 families within a 1.5 radius. 15-20 stores.

Rate of return received on investment based on net income. Lower rate of return = higher value.

Personal property, owns stock or shares in corporate who owns property, fulfill corporate aims.

Tenant moves out due to conditions of property 14 days after written notice.

For office properties, the neighborhood analysis emphasizes:

Tenant pays rent for land only and any improvements revert to landlord at lease's termination.

The decline in value from physical deterioration

This is the most important means of advertising for retail spaces

Industrial lessee pays rent, utilities, taxes, insurances as well as maintenance

Inspections and air filter changes are examples of

Usually lower priced with minimal maintenance cost, higher density, open spaces.

Provides goods, services, facilities, or accommodations to the public.

This is NOT one of the property management accounting requirements by SC Law.

Extends from the surface of a parcel to the air above and soil/minerals below.

This type of business park includes a high ratio of office space

Multistory, low-rent buildings once used for manufacturing - reminders of industrial past.

This business cycle phase is when prices increase due to greater demand.

This arrangement provides for specific increases at a specific time.

The primary purpose of purchasing insurance is to transfer:

The graduated escalation of lease rates often used in commercial properties to assist new biz

This business cycle phase occurs when supply begins to surpass demand. Peak of cycle.

This holds and protects third party money

Manages properties for corporations that invest in real estate

Property manager's employees who handle funds have to be covered by

Very important in retail setting - how a prospect's business niche affects other tenants.

This is NOT a tenant obligation

More units than potential tenants

This is NOT a piece of info required for "disclosure" to the tenant.

Demand for professional property management began in the 1800's as several advancements emerged

This provides extra storage space for homeowners and apartment dwellers.

Upkeep of grounds and building's exterior are the tasks of

Court action to remove tenant

This is NOT one of the SC requirements for handling of money:

These industries sell to private or industrial consumers near points of distribution.

Rentable Area divided by the Usable Area =

This has a definite beginning and definite end.

Supervises and is responsible for portfolio of properties. Does not manage properties directly.

This substance is broader in scope. Can include everyday items like paint, household cleaners.

This legislation banned lead-based paint.

Representative of only the principle on a specific matter of transaction.

This is NOT a civil penalty under the Fair Housing Act of 1968.

Est. 1933, offers property managers chance to share ideas to instruct newcomers to industry

Cash flow formula = Net operating income before debt service minus debt service minus ___

This is NOT a requirement for property managers:

True or false: Regarding entry/quiet enjoyment, emergencies allow access to unit at any time.

If the agreement does not specify when rent is due, then it defaults to:

Industrial properties use what kind of lease?

Residential properties do NOT include:

Indefinite time period lease that can continue as long as both parties agree

When the building is intact but the use is out of date

All persons, groups, or individuals have complete responsibility for loss/damage/expense.

A standard method of accounting for shopping center operations is pushed by:

This occurs when potential tenants cannot afford the price of the space.

Gross Potential Income =

To qualify as materially participating, one must devote:

An employee of a building occupant, responsible for internal arrangements of the leased space.

This provides retail property managers with a standard system for reporting income/expenses.

This is the index of the profit for a particular company

Created in 1939, this organization sponsors courses like CAM, CAMT, and CAPS.

Not a formalized contract, but describes dynamic often found in institutions, banks, colleges

This is a byproduct of manufactured goods which may not be subject to environmental law.

This is the purpose of the statute of frauds

This 1980 act created remedies against the release of hazardous substances into environment.

The BIC/PMIC is responsible for:

The Fair Housing Amendments of 1988 added these to classes:

Some single occupant property when purpose served is religious or charitable.

Retail property managers' administrative responsibilities are governed by:

Industrial lessee pays rent, utilities, taxes, assessments as well as insurances.

Any housing building before 1978 can be affected by this commonly used substance.

A situation where willing sellers and willing buyers exchange goods and services.

The landowner rents space to the owner of a manufactured home or rents such a home to a tenant

These offer office and industrial space or buildings for specialized fields.

Itemizes income/expenses for the property; principle means of communication for PM and owner

This is NOT an exclusion to the SCRL Tenant Act

The first thing a property manager does when taking over a new property:

This IS a remedy for landlord's non-compliance

Common in retail property - payment of fixed rental base plus percentage of gross income.

This looks at 6 major factors like boundaries, loal codes, transportation, local economy, etc

This is a clinically diagnosed condition caused by toxic substances in a building.

This is NOT prohibited by the Fair Housing Act of 1968

This is a prevailing concern for shopping centers

Can include warehouses and are built-in suburban industrial spaces to relief traffic congestion

The higher the cap rate,

The four classifications of real estate

Commercial properties do NOT include:

This is a type of insurance to protect employees injured on the job:

Fluctuations caused by legislative decisions, wars, fires, storms, floods, catastrophes, etc.

This legislation increased recovery period of nonresidential property from 31.5 to 39 years.

Insurance purchase for leased property is transferring the risk

This features Individual ownership within, undivided outside, separately assessed and taxed.

This may be required for underground storage tanks and hazardous waste storage.

This legislation established a comprehensive approach for combating air pollution by the EPA.

The purpose of the anti-trust laws:

This is not one of the ways to identify a property:

This legislation requires the preparation of an environmental impact statement

Built to accommodate a unique business or organization. I.E. hotels, clubs, and resorts.

Obtained legally only with written consent of applicant; history of bill payment

Some of a tenant's remaining right in the property is given to a 3rd party through

This is the space measuring from the inside surface to the permanent outer building walls.

According to the Fair Housing Act of 1968, a complaint can be filed with HUD:

Assessing prospects' space, transportation/labor needs occurs with ___ properties.

Commercial, Industrial lessee pays rent, utilities, taxes and assessments

Attendant whose duties today include personal services, like dry cleaning.

This occurs with 15 days absence after default of rent. Does not terminate the lease.

True or false: Tenancy at will can be terminated by a death.

What are the two categories of commercial real estate

Cap rate formula = net operating income before debt service divided by property value X _____

Largest source of demand for the services of professional property managers.

This is a set of guidelines on good business conduct.

Why have new factories & branch facilities located in suburban areas?

Proper notice for an industrial or commercial tenant is

In industrial properties, one of the most important inquiries to ask a prospect

This is NOT one of the basic elements of a lease

Often consists of warehousing, light manufacturing, or assembly zones.

The Civil Rights Act of 1866:

This encourages people to sell/rent by claiming the entry of some will badly affect property.

Tenant pays fixed rental amount, while owner pays for all other expenses - typical residential.

According to entry/quiet enjoyment these are the hours of unit access for scheduled maintenance

This arrangement features a sharing ownership plan, right to use property for certain periods.

Retail lessee pays basic rent plus a % of gross sales. May pay some or all property costs.

Permanent files do NOT contain:

This permits the landlord to retain the right to terminate a % lease if gross sales fall short

This features individual interest in a unit and an undivided common interest in common areas.

The Fair Housing Act of 1968 prohibits discrimination based on:

This legislation requires businesses and public places to be accessible to disabled persons.

The purpose of the SCRL Tenant Act is

Most common use of this item is storage of petroleum products.

Tenant obtains possession of the premises legally but remains on the property after expiration.

All of the tenant's remaining rights in the property is given to a third party

This is NOT a remedy for a tenant's non-compliance.

Long-term movements =

Financial status of commercial or industrial tenants can be found using this reference

Income/Expense, Budget, Profit/Los, Tax Records, Cash-Flow Statement are all examples of

Members of this group are involved in the apartment industry, including ownership, management.

This must be completed in 30-day accounting period showing itemized deductions .

This is NOT an example of property law violation:

This is designed to produce building improvements and maximum utilization of open spaces.

Colorless chemical, cause of indoor air quality complaints - strong odor.

Indefinite period of time which exists as both parties agree beyond original lease.

These are 'smart' buildings, using automation systems and advanced telecommunications.

Research parks may include spaces for companies just starting out. These spaces are called __

This style of advertising projects a central theme of property - does not convey every point

This business cycle phase sees less demand for products, so fewer are made.

Residential, lessee pays fixed rent

The management plan cannot be completed until

When preparing the budget forecast, a manager should present:

Man-made, permanent attachments are

General correspondence file contains

The 1970 Clean Air Act requires this agency to set national air quality standards

This prohibited practice channels members of a protected class to specific buildings or areas

Net spendable NOI minus debt service

This integrates regional information with detailed specifics about the property's local area.

This business cycle phase is when consumers venture back into the market.

This legislation ensures competition in the marketplace and prevents monopolies through the FTC

Includes all land/facilities that convert raw materials into finished products.

Proper notice for residential tenants =

In a cooperative ownership agreement:

When obvious repairs are postponed and not made when needed.

This runs for long terms; 50 years or more